Labrador Iron Mines Up Nearly 6% on Approval to Commence Construction of Mining Facilities
Labrador Iron Mines Holdings Limited (LIM.TO) is up nearly 6% as it announced that yesterday it received Certificates of Approval for the construction of its mining facilities from the Government of Newfoundland and Labrador.
It said the approvals provide for the construction of open pit mining and treatment facilities at the James North, James South, Redmond 2B and Redmond 5 deposits, and include the beneficiation facility, ore, waste rock and overburden stockpiles, settling ponds, access roads, accommodation camp and other associated works for LIM's Schefferville Area direct shipping iron ore project. The approvals, it added, also include authorization for the installation and operation of power generators at the James deposit, the Silver Yard beneficiation area and the accommodation camp.
The company said it has also been advised by the Minister of Natural Resources that the Company's Development Plan for the Schefferville Area Iron Ore Mine (Western Labrador) has been approved.
LIM is still awaiting two operating permits, one for the operation of the mine, and the other for the operation of the new 4.5 km railway spur line which was completed in early June which will be used for the mobilization of the equipment and plant that have been assembled offsite over the last several months and has been brought to railheads at Sept-Iles and at Labrador City awaiting delivery to site.
The issue of these approvals and permits by the Government of Newfoundland and Labrador has taken longer than anticipated and has resulted in delays in the Company's originally planned construction and production timelines for 2010.
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