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Labrador Iron Ore Royalty Corporation announced on Monday (May 7) its operation and cash flow results for the first quarter ended March 31, 2018.
Labrador Iron Ore Royalty Corporation (TSX:LIF) announced on Monday (May 7) its operation and cash flow results for the first quarter ended March 31, 2018.
As quoted in the press release:
Royalty revenue for the first quarter of 2018 amounted to CA$33.8 million as compared to CA$42.8 million for the first quarter of 2017. Equity earnings from Iron Ore Company of Canada amounted to CA$14.6 million or CA$0.23 per share in the first quarter of 2018 as compared to CA$22.2 million or CA$0.35 per share in the first quarter of 2017. Net income was CA$30.3 million or CA$0.47 per share for the first quarter of 2018 compared to CA$42.9 million or CA$0.67 per share for the same period in 2017. Cash flow from operations for the first quarter was CA$20.3 million or CA$0.32 per share as compared to CA$28.2 million or CA$0.44 per share for the same period in 2017.
According to the company issues with the Iron Ore Company of Canada’s operations led to lower production.
Issues with the parallel ore delivery system, increased ore hardness, and a work stoppage, which commenced on March 27, 2018, adversely affected concentrate production in the first quarter. Consequently, total concentrate production in the first quarter of 2018 of 4.2 million tonnes was 13 percent lower than the first quarter of 2017 and was 15 percent lower than the fourth quarter of 2017. The first quarter of 2017 was a record for first quarter concentrate production.
Click here to read the full Labrador Iron Ore Royalty Corporation (TSX:LIF) press release.