Labrador Iron Ore Royalty Corporation - Update on COVID-19
TORONTO, March 24, 2020 /CNW/ - Because of the threat of COVID-19, the Premier of Quebec has announced the closure of all non-essential businesses from midnight on March 24, 2020 to April 13, 2020. Labrador Iron Ore Royalty Corporation understands that the Quebec government has designated industrial complexes including the mining industry as essential industries, but instructed that such companies must reduce their business activity to the minimum. In addition, the Government of Newfoundland and Labrador is requiring that all travellers self-isolate for 14 days when returning to Newfoundland and Labrador from anywhere in Canada and internationally. Iron Ore Company of Canada ("IOC") has indicated that it will work with the Quebec and Newfoundland and Labrador governments to comply with their directives. At present, IOC expects that the mining, processing and shipping operations will continue within each province's COVID-19 guidelines, while keeping activities to a minimum.
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. (TSX: LIF)
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