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)
SOURCE Labrador Iron Ore Royalty Corporation