Shares of Labrador Iron Mines Holdings Limited (OTCMKTS:LBRMF) could be in limelight after the company released quarterly earnings late Friday.
Market Action
On Friday, LBRMF stock ended flat at $0.1030 with 5.9k shares, compared to its average volume of 73K shares. The stock moved within a range of $0.0920 – 0.1030 after opening trade at $0.1030.
Labrador Iron Mines Reports Third Quarter December 31, 2021 Results
Labrador Iron Mines Holdings Limited (OTCMKTS:LBRMF) on February 12, 2022 came out with the financial results for three and nine months ending December 31, 2021.
Engaged in exploration as well as development of iron ore projects located in Menihek area of western Newfoundland as well as northeastern Quebec, Labrador Iron Mines operates in one of the leading iron ore producing regions in the world.
The company had finished reclamation of former James Mine as well as Silver Yards processing facility in 2021. The firm is currently focused on planning activities pertaining to advancement of Houston Project, its flagship property. Furthermore, Labrador Iron Mines continues to do expenditures needed for maintaining different mineral claims.
Iron Ore prices surged by 40% in first half of previous year to touch US$235 per tonne in May. In the second half of the year, price retracted to low of US$87 in November. An open pit direct shipping iron ore project, the Preliminary Economic Assessment was done last year demonstrating production of 2 million dmt of DSO per year. The initial life of the mine has been estimated to be 12 years with total production capacity of 23.4 million dmt of product.
The planned operations entail conventional open pit truck as well as shovel activities besides simple dry crushing and screening for processing. The Project is likely to generate undiscounted net cash flow of $234 million.
Traders Note
LBRMF stock is trading above the 20-Day and 50-Day Moving averages of $0.0983 and $0.0998. Moreover, the stock is trading is the neutral zone with RSI stands at 52.
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