Labrador Iron Mines Signs Rail Deal, Shares Fall

Reuters reports on Thursday, Labrador Iron Mines (TSX:LIM) shares fell as much as 11 percent.

The market news is quoted as saying:

Quebec North Shore and Labrador Railway Company (QNSL), will carry Labrador Iron’s high-grade iron ore to the port at Sept-Iles, Quebec. Sept-Iles, Canada’s largest iron ore port, shipped 30 million tonnes of the metal in 2010. Labrador Iron will pay C$25 million ($25.5 million) to QNSL to secure locomotives and infrastructure. The company did not say how much it would pay in hauling tariffs.

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