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Print[Ferro-alloys.com] Labrador Iron Mines Holdings Limited (LIM.TO) has entered into a new iron ore sales agreement with the Iron Ore Company of Canada for the sale of all of LIM's iron ore production for the next two calendar years 2013 and 2014.
The company has also entered into an off-take financing agreement with RB Metalloyd Limited, an international commodity trading house, under which Labrador Iron Mines will receive an advance payment of US$35 million to be credited against future sales of a minimum of 3.5 million tonnes of iron ore during 2013 and 2014.
LIM has jumped nearly 14% to 66 cents, trading close to 52-week low 54 cents.
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