Labrador Iron Mines Cancels Plans for James Iron Ore Mine

Mineweb reported today that Labrador Iron Mines (TSX:LIM) has officially scrapped plans to mine its James iron ore deposit in Canada’s Labrador this year. Labrador Iron has stated that in lieu of this, it would focus on advancing other iron ore projects in the Labrador Trough.

As quoted in the publication:

Labrador Iron, a seasonal miner that has shut down operations through winter, had said back in February it was considering its options in light of declining iron ore prices, which subsequently worsened. Further, it noted that in mining the James deposit iron ore quality declined and yielded “negative cash
generation.

Click here to read the full Mineweb article.

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