Labrador Iron Mines Lowered Exploration Budget

Reuters reported Labrador Iron Mines Holdings Ltd (TSX:LIM) said it lowered its exploration budget for the year as a decline in iron ore prices forces it to cut costs.

As quoted in the market news:

The exploration program for the year has been cut to C$5 million from the original budget of C$8.6 million. The miner also deferred capital expenditure relating to its Silver Yards processing plant and Houston deposits in Quebec.

Click here to read the full Reuters report.