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Labrador Iron Mines loss widens on lower prices
August 15, 2012 / 12:25 PM / 5 years ago

Labrador Iron Mines loss widens on lower prices

Aug 15 (Reuters) - Labrador Iron Mines Holdings Ltd reported a wider quarterly loss on lower iron ore prices and higher-than-expected production costs.

The net loss widened to C$10.6 million ($10.69 million), or 16 Canadian cents per share, for April-June from C$4.7 million, or 9 Canadian cents per share, a year earlier.

The company, which started commercial production in April, reported revenue of C$38 million for the quarter.

Excluding certain non-recurring charges, operating costs were about C$64.50 per tonne sold.

Shares of the company, which has a market value of $137.2 million, closed at C$2.02 on Tuesday on the Toronto Stock Exchange. ($1 = 0.9919 Canadian dollars) (Reporting by Shounak Dasgupta in Bangalore; Editing by Don Sebastian)

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