02:21 PM EDT, 07/23/2024 (MT Newswires) -- Labrador Iron Ore Royalty Corporation ( LIFZF ) said Tuesday that Iron Ore Company of Canada (IOC), in which it has a stake, has restarted operations in Labrador City, having last week temporary shut down its operations there in response to the Provincial Government's evacuation order due to the threat of "extreme fire behaviour".

Tuesday's statement noted that on July 12, 2024, more than 7,000 residents of Labrador City (including more than 2,000 Iron Ore Company of Canada employees) were ordered by provincial authorities to evacuate the town due to the threat of nearby forest fires. It said that evacuation order was officially lifted on Monday July 22, 2024, and IOC has begun the process of restarting iron ore operations in Labrador City.

Labrador Iron Ore Royalty Corp ( LIFZF ) holds a 15.10% equity interest in IOC directly and through its wholly-owned subsidiary, Hollinger-Hanna Limited, and receives a 7% gross overriding royalty on all iron ore products produced, sold and shipped by IOC and a $0.10 per tonne commission on all iron ore products produced and sold by IOC.

LIF was at last look down $0.35 or 1.15% at $30.07.

Price: 30.05, Change: -0.37, Percent Change: -1.22