TORONTO, April 6, 2020 /CNW/ - Labrador Iron Ore Royalty Corporation ("LIORC") (TSX: LIF) announced today that the Ministry of Natural Resources of the Government of Newfoundland and Labrador has granted renewals of all 12 of LIORC's mining leases in accordance with their terms for an additional 30 years.
The mining leases were initially granted in 1960, 1962, 1965 and 1971 and were for terms of 30 years with the right to renew the leases for two additional 30 year terms. All leases were renewed for a third term and will now expire in 2050, 2052, 2055 and 2061. LIORC subleases the mining leases to the Iron Ore Company of Canada ("IOC"). IOC's mining operations are presently conducted on lands governed by four of the 12 leases, which now have terms expiring in 2050 and 2052.
About Labrador Iron Ore Royalty Corporation
The Corporation holds a 15.10% equity interest in IOC directly and through its wholly-owned subsidiary, Hollinger-Hanna Limited, and receives a 7% gross overriding royalty and a 10 cent per tonne commission on all iron ore products produced, sold and shipped by IOC.
SOURCE Labrador Iron Ore Royalty Corporation
View original content: http://www.newswire.ca/en/releases/archive/April2020/06/c7699.html