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Anglesey Mining's Canadian associate ramps up production

Last updated: 11:33 15 Nov 2013 GMT, First published: 12:33 15 Nov 2013 GMT

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Anglesey Mining’s (LON:AYM) 15% owned associate Labrador Iron Mines (LIM) sold four shipments of iron ore totalling 652,000 dry tonnes in its latest quarter as production rose strongly.

Production volumes rose to 983,000 tonnes of ore from the James Mine, Redmond Mine and Ferriman stockpiles with 1.25 mln tonnes of plant feed processed and screened at the Silver Yards processing facility.

Revenues for the quarter to September were US$40.3mln with LIM recording a net loss of US$24.9mln, which included depletion and depreciation of US$20.7 mln.

For the six months ended September LIM made six shipments of iron ore totalling 980,000 dry tonnes (about 1,050,000 wet tonnes).

After the end of September, two more shipments left and LIM said it is on track to make 10 shipments containing 1.7wmt for the 2013 season.

John Kearney, LIM’s chairman, said shipments had picked up after a slow start to the year though it was not able to take full advantage of the recent hike in the iron price.

“While the price of iron ore averaged approximately US$133 per tonne in the quarter compared to approximately US$113 per tonne in the same quarter of 2012, this increase was partially offset by value-in-use adjustments arising primarily from the lower quality of ore mined as we got deeper in the James Mine, and by higher ocean freight."

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