Labrador Iron Ore (TSE:LIF) has released an update.
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Labrador Iron Ore Royalty Corporation reported a strong first quarter in 2024, with a 20% increase in royalty revenue and significant gains in net income and adjusted cash flow per share, despite a slight decrease in iron ore prices and pellet premiums. The global steel demand uncertainty and Brazil’s increased iron ore shipments have impacted prices, but IOC’s financial performance shows resilience with higher sales tonnages. Concern over China’s property sector and the preference for lower quality ore due to reduced steel margins have influenced market dynamics.
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