Hello Pat: What is your opinion of Labrador Iron Mines Holdings and Labrador Iron Ore Royalty Corp.? Would either be a buy now or in the future? Thanks.
Labrador Iron Mines Holdings Ltd., $6.90, symbol LIM on Toronto (Shares outstanding: 50.8 million; Market cap: $350.5 million; www.labradorironmines.ca), has restarted its iron ore projects in northwestern Labrador and northeastern Quebec. The company is now shipping ore to China. Iron Ore Company of Canada markets and ships the ore under an agreement with Labrador Iron Mines.
The company’s projects consist of 20 deposits, containing about 166 million tonnes of iron ore. There is little processing required, and all the ore is loaded onto trains and shipped straight to the port town of Sept-Iles, Quebec. The properties are part of the historic Schefferville mining district, where Iron Ore Company of Canada operated from 1954 to 1982.
The company holds cash of $87.5 million, or $1.62 a share, and has no debt. That gives it the funds to keep expanding its mining operations and exploring its properties.
Slower economic growth has pushed down iron ore prices, but the long-term outlook for iron ore prices…
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