TORONTO, May 6, 2021 /CNW/ - Labrador Iron Ore
Royalty Corporation ("LIORC") (TSX: LIF) announced today its
operation and cash flow results for the first quarter ended
March 31, 2021.
Financial Performance
In the first quarter of 2021, LIORC's financial results
benefited from higher iron ore prices and pellet premiums,
partially offset by lower volumes of pellet sales. Royalty revenue
for the first quarter of 2021 amounted to $65.2 million compared to $47.6 million for the first quarter of 2020.
Equity earnings from Iron Ore Company of Canada ("IOC") were $57.0 million in the first quarter of 2021
compared to $24.7 million in the
first quarter of 2020. Net income per share for the first quarter
of 2021 was $1.35 per share, which
was a 86% increase over the same period in 2020. The adjusted cash
flow per share for the first quarter of 2021 was $0.87 per share, which was 107% higher than in
the same period in 2020, as a result of higher royalty revenues and
the decision by IOC to pay a dividend. In the first quarter of
2021, LIORC received a dividend in the amount of $19.0 million from IOC.
Increased demand for iron ore by steel producers and a lack of
expected growth of supply led to higher iron ore prices in the
first quarter of 2021. Increased steel demand, partly as a result
of stimulus spending on infrastructure and construction, resulted
in higher steel prices and strong profit margins for steel
producers, which in turn translated to increased demand for
seaborne iron ore. According to the World Steel Association,
global crude steel production in the first quarter of 2021
increased 10% over the first quarter of 2020, and crude steel
production in China, which
accounts for over 70% of all seaborne iron ore demand, was 16%
higher in the first quarter of 2021 compared to the same quarter of
2020. At the same time, the expected growth in
supply of seaborne iron ore did not materialize as the world's
three largest suppliers of seaborne iron ore all reported lower
production in the first quarter of 2021, compared to the last
quarter of 2020. Iron ore production by Rio Tinto and BHP was lower
by 11% and 5%, predominantly due to adverse weather in Australia, and iron ore production by Vale was
lower by 19.5%, predominantly due to maintenance work at its S11D
mine.
IOC sells concentrate for sale ("CFS") based on the Platts index
for 65% Fe, CFR China ("65% Fe index"). In the first quarter
of 2021, the 65% Fe index averaged US$191 per tonne, an 85% increase over the
average of US$104 per tonne in the
first quarter of 2020. The monthly Atlantic Blast Furnace 65% Fe
pellet premium index as quoted by Platts (the "pellet premium")
averaged US$43 per tonne in the first
quarter of 2021, up substantially from an average of US$29 in the same quarter of 2020, which had been
negatively impacted by a reduction in demand from European steel
producers due to COVID-19. Overall, the average price realized by
IOC for CFS and pellets, FOB Sept-Îles, net of selling costs was
approximately C$226 per tonne in the
first quarter of 2021, compared to approximately C$145 per tonne in the first quarter of 2020.
Iron Ore Company of Canada Operations
Operations
Throughout 2021, IOC has continued to take measures in order to
protect IOC's people and to prevent COVID-19 outbreaks within IOC's
operations which could affect IOC's capacity to operate. These
measures include limiting on-site presence of personnel to
essential operational activities (remote work for administration
and supports) and reducing the number of contractors on-site
(favouring local rather than out-of-province when possible). In
parallel, several protocols remain in place including strict
approval processes for all travel between sites and out-of-province
contractors, mandatory on-line health questionnaire linked to gate
access, COVID-19 screening for all out-of-province contractors and
employees and daily temperature checks at all site access points.
As a result of these and other procedures and protocols, IOC has
been able to continue to safely operate throughout 2021. The IOC
saleable production (CFS plus pellets) of 4.0 million tonnes in the
first quarter of 2021 was 8% lower than the same period in 2020,
and 14% lower than the fourth quarter of 2020, predominantly due to
the impacts of weather, loading unit availability on mine feed and
reduced concentrator mill availability.
CFS production of 1.5 million tonnes was 6% lower than the
same quarter last year and 33% lower than the fourth quarter of
2020 due to an increased focus on the production of pellets (the
pellet plant returned to operating six lines in December 2020 resulting in a corresponding
reduction in CFS), feed related issues from the mine (weather,
loading unit utilization/availability), and concentrator
reliability. Pellet production of 2.5 million tonnes was 10%
lower than the corresponding quarter in 2020 and 2% higher than the
fourth quarter of 2020, as reliability issues with filtering
equipment, feed system motors and regrind mills restricted
production throughput during the quarter.
Sales as Reported for the LIORC Royalty
Total iron ore sales tonnage by IOC (CFS plus pellets) of 4.1
million tonnes in the first quarter of 2021 was 12% lower than the
total sales tonnage for the same period in 2020, and 6% lower than
the fourth quarter of 2020, predominantly due to limited product
availability, weather related delays and and equipment
reliability. Pellet sales were 19% lower than the same
quarter last year and 4% lower than the fourth quarter of
2020. CFS sales were consistent with the same quarter last
year and 7% lower than the fourth quarter of 2020.
Outlook
Rio Tinto's 2021 guidance for IOC's saleable production (CFS
plus pellets) remains at 17.9 million to 20.4 million tonnes. This
compares to 17.7 million tonnes of saleable production in 2020. At
the end of March, there was a significant fire event at the port in
Sept-Îles which will impact shipments in the second quarter of
2021. However, the 2021 saleable production guidance for IOC
remains unchanged and IOC expects that any sales tonnage shortfalls
will be recovered over the remainder of the year.
The price outlook for seaborne iron ore remains robust.
Since the end of the first quarter iron ore prices have
strengthened. So far in April (April 1,
2021 to April 28, 2021), the
average price of the 65% Fe index has been US$210 per tonne, or 10% higher than the average
of the 65% Fe index for the first quarter of 2021. The pellet
premium for April was US$66 per tonne
compared to the average of US$43 per
tonne in the first quarter of 2021. With a possible global
economic recovery and a positive outlook for domestic growth in
China, the near-term outlook for
global steel production looks positive. While there is expected to
be some increase in the supply of seaborne iron ore over the
remainder of 2021, any increase should be absorbed by the strong
demand. In addition, as a result of higher steel prices and
strong profit margins and in order to keep up with the downstream
demand for steel, steel producers are utilizing higher grade iron
ore products, like those sold by IOC, in an effort to prioritize
production efficiency.
LIORC is well positioned to continue to benefit from the strong
iron ore pricing environment through royalty revenues and expected
future dividends from IOC.
The LIORC cash balance at March 31,
2021 stood at $33.6 million
before LIORC dividends payable on April 26,
2021 of $1.00 per share or
$64.0 million. The net royalty from
IOC was received by LIORC on the same date, maintaining the
Corporation's strong cash balance.
Respectfully submitted on behalf of the Directors of the
Corporation,
John F. Tuer
President and Chief Executive Officer
May 6, 2021
Management's Discussion and Analysis
The following discussion and analysis should be read in
conjunction with the Management's Discussion and Analysis section
of Labrador Iron Ore Royalty Corporation's ("LIORC" or the
"Corporation") 2020 Annual Report, and the financial statements and
notes contained therein and the March 31,
2021 interim condensed consolidated financial
statements.
Overview of the Business
The Corporation's revenues are entirely dependent on the
operations of IOC as its principal assets relate to the operations
of IOC and its principal source of revenue is the 7% royalty it
receives on all sales of iron ore products by IOC. In addition to
the volume of iron ore sold, the Corporation's royalty revenue is
affected by the price of iron ore and the Canadian – U.S. dollar
exchange rate. The first quarter sales of IOC are traditionally
adversely affected by the general winter operating conditions and
are usually 15% – 20% of the annual volume, with the balance spread
fairly evenly throughout the other three quarters. Because of the
size of individual shipments, some quarters may be affected by the
timing of the loading of ships that can be delayed from one quarter
to the next.
Financial Highlights
|
|
|
Three Months
Ended
|
|
March
31,
|
($ in
millions except per share information)
|
2021
|
2020
|
|
(unaudited)
|
|
|
|
Revenue
|
65.7
|
48.3
|
Equity earnings from
IOC
|
57.0
|
24.7
|
Net
income
|
86.6
|
46.7
|
Net income per
share
|
$ 1.35
|
$ 0.73
|
Dividend(s) from
IOC
|
19.0
|
-
|
Cash flow from
operations
|
42.7
|
10.7
|
Cash flow from
operations per share
|
$ 0.67
|
$ 0.17
|
Adjusted cash
flow1
|
55.4
|
26.8
|
Adjusted cash flow
per share
|
$ 0.87
|
$ 0.42
|
Dividends declared
per share
|
$ 1.00
|
$ 0.35
|
|
|
|
1 This
is a non-IFRS financial measure and does not have a standard
meaning under IFRS.
Please refer to
Standardized Cash Flow and Adjusted Cash Flow section in the
MD&A.
|
The higher revenue, net income and equity earnings achieved in
the first quarter of 2021 as compared to 2020 were mainly due
to higher iron ore prices, partly offset by lower sales of pellets.
The first quarter of 2021 sales tonnages (pellets and CFS) were
lower by 12% predominantly due to limited product availability,
weather related delays and equipment reliability. Pellet
sales were 19% lower and CFS sales were consistent with the same
quarter last year. Pellet sales were lower mainly due to lower
pellet production as a result of availability constraints on
concentrate, as well as reliability issues with filtering
equipment, feed system motors and regrind mills which restricted
production throughput during the quarter.
However, the lower sales tonnages were more than offset by an
increase in the realized sales price of pellets and CFS, resulting
in royalty income of $65.2 million
for the quarter as compared to $47.6
million for the same period in 2020. First quarter 2021 cash
flow from operations was $42.7
million or $0.67 per share
compared to $10.7 million or
$0.17 per share for the same period
in 2020. LIORC received an IOC dividend in the first quarter of
2021 in the amount of $19.0 million
or $0.30 per share. Equity earnings
from IOC amounted to $57.0 million or
$1.35 per share in the first quarter
of 2021 compared to $24.7 million or
$0.39 per share for the same period
in 2020.
Operating Highlights
|
|
|
Three Months
Ended
|
IOC
Operations
|
March
31,
|
(in millions
of tonnes)
|
2021
|
2020
|
Sales1
|
|
|
Pellets
|
2.44
|
3.02
|
Concentrate for sale
("CFS")2
|
1.68
|
1.68
|
Total3
|
4.12
|
4.70
|
|
|
|
Production
|
|
|
Concentrate
produced
|
4.40
|
4.69
|
|
|
|
Saleable
production
|
|
|
Pellets
|
2.51
|
2.79
|
CFS
|
1.48
|
1.57
|
Total
|
3.99
|
4.36
|
|
|
|
Average index prices
per tonne
|
|
|
65% Fe
index4
|
$ 191
|
$ 104
|
62% Fe
index5
|
$ 167
|
$ 89
|
Pellet
premium6
|
$ 43
|
$ 29
|
|
|
|
(1) For
calculating the royalty to LIORC.
|
|
|
(2)Excludes third party ore
sales.
|
|
|
(3)
Totals may not add up due to rounding.
|
|
|
(4)The
Platts index for 65% Fe, CFR China.
|
|
|
(5)The
Platts index for 62% Fe, CFR China.
|
|
|
(6)The
Platts Atlantic Blast Furnace 65% Fe pellet premium
index.
|
IOC sells CFS based on the 65% Fe index. In the first
quarter of 2021, the 65% Fe index averaged US$191 per tonne, an 85% increase over the
average of US$104 per tonne in the
first quarter of 2020. Iron ore prices increased as strong domestic
steel demand in China and the
beginnings of a global economic recovery from COVID-19 increased
the demand for seaborne iron ore. At the same time, the
expected growth in supply of the seaborne iron ore did not
materialize as large producers experienced lower output because of
weather issues in Australia and
maintenance issues at Vale's S11D mine. The monthly pellet
premium averaged US$43 per tonne in
the first quarter of 2021, up substantially from an average of
US$29 in the same quarter of 2020,
which had been negatively impacted by a reduction in demand from
European steel producers due to COVID-19.
The average price realized by IOC for CFS and pellets, FOB
Sept-Îles, net of selling costs was approximately C$226 per tonne in the first quarter of 2021
compared to C$145 per tonne in the
first quarter of 2020. The increase in the average realized price
FOB Sept-Îles in 2020 was a result of higher CFS prices and higher
pellet premiums.
Standardized Cash Flow and Adjusted Cash Flow
For the Corporation, standardized cash flow is the same as cash
flow from operating activities as recorded in the Corporation's
cash flow statements as the Corporation does not incur capital
expenditures or have any restrictions on dividends.
Standardized cash flow per share was $0.67 for the quarter (2020 - $0.17). Cumulative standardized cash flow from
inception of the Corporation is $34.39 per share and total cash distributions
since inception is $34.39 per share,
for a payout ratio of 100%.
The Corporation also reports "Adjusted cash flow" which is
defined as cash flow from operating activities after adjustments
for changes in amounts receivable, accounts payable and income
taxes recoverable and payable. It is not a recognized measure
under International Financial Reporting Standards ("IFRS"). The
Directors believe that adjusted cash flow is a useful analytical
measure as it better reflects cash available for dividends to
shareholders.
The following reconciles standardized cash flow from operating
activities to adjusted cash flow (in millions).
|
3 Months
Ended
Mar. 31,
2021
|
3 Months
Ended
Mar. 31,
2020
|
Standardized cash
flow from operating activities
|
$42,686
|
$10,653
|
Changes in amounts
receivable, accounts payable and income taxes payable
|
12,724
|
16,173
|
Adjusted cash
flow
|
$55,410
|
$26,826
|
Adjusted cash flow
per share
|
$0.87
|
$0.42
|
Liquidity and Capital Resources
The Corporation had $33.6 million
in cash as at March 31, 2021
(December 31, 2020 - $106.1 million) with total current assets of
$104.8 million (December 31, 2020 - $164.4
million). The Corporation had working capital of
$22.4 million as at March 31, 2021 (December
31, 2020 - $31.0 million). The
Corporation's operating cash flow was $42.7
million and the dividend paid during the quarter was
$115.2 million, resulting in cash
balances decreasing by $72.5 million
during the first quarter of 2021.
Cash balances consist of deposits in Canadian dollars with
Canadian chartered banks. Amounts receivable primarily consist of
royalty payments from IOC. Royalty payments are received in U.S.
dollars and converted to Canadian dollars on receipt, usually 25
days after the quarter end. The Corporation does not normally
attempt to hedge this short-term foreign currency exposure.
Operating cash flow of the Corporation is sourced entirely from
IOC through the Corporation's 7% royalty, 10
cents commission per tonne and dividends from its 15.10%
equity interest in IOC. The Corporation normally pays cash
dividends from its net income to the maximum extent possible,
subject to the maintenance of appropriate levels of working
capital.
The Corporation has a $30 million
revolving credit facility with a term ending September 18, 2022 with provision for annual
one-year extensions. No amount is currently drawn under this
facility (2020 – nil) leaving $30.0
million available to provide for any capital required by IOC
or requirements of the Corporation.
John F. Tuer
President and Chief Executive Officer
Toronto, Ontario
May 6, 2021
Forward-Looking Statements
This report may contain
"forward-looking" statements that involve risks, uncertainties and
other factors that may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Words such as "may", "will", "expect",
"believe", "plan", "intend", "should", "would", "anticipate" and
other similar terminology are intended to identify forward-looking
statements. These statements reflect current assumptions and
expectations regarding future events and operating performance as
of the date of this report. Forward-looking statements involve
significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors could cause actual results to
vary significantly, including iron ore price and volume volatility,
exchange rates, the performance of IOC, market conditions in the
steel industry, mining risks and insurance, relationships with
indigenous groups, natural disasters, severe weather conditions and
public health crises, changes affecting IOC's customers,
competition from other iron ore producers, estimates of reserves
and resources, government regulation and taxation and
cybersecurity. A discussion of these factors is contained in
LIORC's annual information form dated March
4, 2021 under the heading, "Risk Factors". Although the
forward-looking statements contained in this report are based upon
what management of LIORC believes are reasonable assumptions, LIORC
cannot assure investors that actual results will be consistent with
these forward-looking statements. These forward-looking statements
are made as of the date of this report and LIORC assumes no
obligation, except as required by law, to update any
forward-looking statements to reflect new events or circumstances.
This report should be viewed in conjunction with LIORC's other
publicly available filings, copies of which can be obtained
electronically on SEDAR at www.sedar.com.
Notice:
The following unaudited interim condensed
consolidated financial statements of the Corporation have been
prepared by and are the responsibility of the Corporation's
management. The Corporation's independent auditor has not reviewed
these interim financial statements.
LABRADOR IRON ORE
ROYALTY CORPORATION
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
|
|
|
|
As
at
|
|
|
March
31,
|
|
December
31,
|
(in thousands of
Canadian dollars)
|
2021
|
|
2020
|
|
|
(Unaudited)
|
Assets
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and short-term
investments
|
$
|
33,577
|
|
$
|
106,091
|
|
Amounts
receivable
|
71,194
|
|
58,336
|
Total Current
Assets
|
104,771
|
|
164,427
|
|
|
|
|
|
Non-Current
Assets
|
|
|
|
|
Iron Ore Company of
Canada ("IOC")
|
|
|
|
|
royalty
and commission interests
|
240,045
|
|
241,511
|
|
Investment in
IOC
|
455,248
|
|
417,284
|
Total Non-Current
Assets
|
695,293
|
|
658,795
|
|
|
|
|
|
Total
Assets
|
$
|
800,064
|
|
$
|
823,222
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts
payable
|
$
|
14,567
|
|
$
|
12,533
|
|
Dividend
payable
|
64,000
|
|
115,200
|
|
Taxes
payable
|
3,791
|
|
5,691
|
Total Current
Liabilities
|
82,358
|
|
133,424
|
|
|
|
|
|
Non-Current
Liabilities
|
|
|
|
|
Deferred income
taxes
|
128,690
|
|
123,430
|
Total
Liabilities
|
211,048
|
|
256,854
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
Share
capital
|
317,708
|
|
317,708
|
|
Retained
earnings
|
284,648
|
|
262,000
|
|
Accumulated other
comprehensive loss
|
(13,340)
|
|
(13,340)
|
|
|
589,016
|
|
566,368
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
|
800,064
|
|
$
|
823,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Approved by the
Directors,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John F.
Tuer
|
Patricia M.
Volker
|
|
|
Director
|
Director
|
|
|
|
|
|
|
|
LABRADOR IRON ORE
ROYALTY CORPORATION
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
March
31,
|
(in thousands of
Canadian dollars except for per share information)
|
2021
|
|
2020
|
|
|
(Unaudited)
|
Revenue
|
|
|
|
|
IOC
royalties
|
$
|
65,248
|
|
$
|
47,615
|
|
IOC
commissions
|
406
|
|
462
|
|
Interest and other
income
|
65
|
|
222
|
|
|
65,719
|
|
48,299
|
Expenses
|
|
|
|
|
Newfoundland royalty
taxes
|
13,050
|
|
9,523
|
|
Amortization of
royalty and commission interests
|
1,466
|
|
1,625
|
|
Administrative
expenses
|
771
|
|
557
|
|
|
15,287
|
|
11,705
|
|
|
|
|
|
Income before
equity earnings and income taxes
|
50,432
|
|
36,594
|
Equity earnings in
IOC
|
56,977
|
|
24,669
|
|
|
|
|
|
Income before
income taxes
|
107,409
|
|
61,263
|
|
|
|
|
|
Provision for
income taxes
|
|
|
|
|
Current
|
15,501
|
|
11,393
|
|
Deferred
|
5,260
|
|
3,220
|
|
|
20,761
|
|
14,613
|
|
|
|
|
|
Net income for the
period
|
86,648
|
|
46,650
|
|
|
|
|
|
Other
comprehensive loss
|
|
|
|
|
Share of other
comprehensive loss of IOC that will not be
|
|
|
|
|
reclassified
subsequently to profit or loss (net of income taxes
|
|
|
|
|
of 2021 - nil; 2020 -
$40)
|
-
|
|
(226)
|
|
|
|
|
|
Comprehensive
income for the period
|
$
|
86,648
|
|
$
|
46,424
|
|
|
|
|
|
Net income per
share
|
$
|
1.35
|
|
$
|
0.73
|
|
|
|
|
|
LABRADOR IRON ORE
ROYALTY CORPORATION
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
March
31,
|
(in thousands of
Canadian dollars)
|
2021
|
|
2020
|
|
|
|
|
(Unaudited)
|
Net inflow
(outflow) of cash related
|
|
|
|
|
to the following
activities
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
Net income for the
year
|
$
|
86,648
|
|
$
|
46,650
|
|
Items not affecting
cash:
|
|
|
|
|
|
Equity earnings in
IOC
|
(56,977)
|
|
(24,669)
|
|
|
Current income
taxes
|
15,501
|
|
11,393
|
|
|
Deferred income
taxes
|
5,260
|
|
3,220
|
|
|
Amortization of
royalty and commission interests
|
1,466
|
|
1,625
|
|
Common share dividend
from IOC
|
19,013
|
|
-
|
|
Change in amounts
receivable
|
(12,858)
|
|
(11,906)
|
|
Change in accounts
payable
|
2,034
|
|
2,056
|
|
Income taxes
paid
|
(17,401)
|
|
(17,716)
|
|
Cash flow from
operating activities
|
42,686
|
|
10,653
|
|
|
|
|
|
|
|
Financing
|
|
|
|
|
|
Dividend paid to
shareholders
|
(115,200)
|
|
(67,200)
|
|
Cash flow used in
financing activities
|
(115,200)
|
|
(67,200)
|
|
|
|
|
|
|
|
Decrease in cash,
during the period
|
(72,514)
|
|
(56,547)
|
|
|
|
|
|
|
|
Cash, beginning of
period
|
106,091
|
|
77,859
|
|
|
|
|
|
|
|
Cash, end of
period
|
$
|
33,577
|
|
$
|
21,312
|
|
|
|
|
|
LABRADOR IRON ORE
ROYALTY CORPORATION
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
other
|
|
|
Share
|
Retained
|
comprehensive
|
|
(in thousands of
Canadian dollars)
|
capital
|
earnings
|
loss
|
Total
|
|
(Unaudited)
|
|
|
|
|
|
Balance as at
December 31, 2019
|
$
317,708
|
$
230,005
|
$
(10,376)
|
$
537,337
|
Net income for the
period
|
-
|
46,650
|
-
|
46,650
|
Dividend declared to
shareholders
|
-
|
(22,400)
|
-
|
(22,400)
|
Share of other
comprehensive loss from investment in IOC (net of taxes)
|
-
|
-
|
(226)
|
(226)
|
Balance as at March
31, 2020
|
$
317,708
|
$
254,255
|
$
(10,602)
|
$
561,361
|
|
|
|
|
|
Balance as at
December 31, 2020
|
$
317,708
|
$
262,000
|
$
(13,340)
|
$
566,368
|
Net income for the
period
|
-
|
86,648
|
-
|
86,648
|
Dividend declared to
shareholders
|
-
|
(64,000)
|
-
|
(64,000)
|
Balance as at March
31, 2021
|
$
317,708
|
$
284,648
|
$
(13,340)
|
$
589,016
|
The complete consolidated financial statements for the first
quarter ended March 31, 2021,
including the notes thereto, are posted on sedar.com and
labradorironore.com.
SOURCE Labrador Iron Ore Royalty Corporation