07:14 AM EDT, 07/16/2024 (MT Newswires) -- Labrador Iron Ore Royalty Corp. ( LIFZF ) overnight Monday noted Rio Tinto released its operations review for the second quarter ending June 30, 2024 , which included Iron Ore Company of Canada (IOC) production and sales information.

Specifically, it noted Rio Tinto announced that in the second quarter of 2024, IOC had total saleable iron ore production of 3.72 million tonnes, comprised of 2.14 million tonnes of pellets and 1.58 million tonnes of concentrate for sale (CFS). Rio Tinto also announced that IOC had total iron ore sales in the second quarter of 2024 of 4.13 million tonnes, comprised of 2.45 million tonnes of pellets and 1.68 million tonnes of CFS.

LIF noted comparisons to prior quarters and Rio Tinto's commentary on the changes can be found in Rio Tinto's quarterly operational report which is posted on their website. It also noted that the IOC sales tonnages are calculated slightly differently for the Labrador Iron Ore Royalty Corporation's ( LIFZF ) royalty. Rio Tinto's full year production guidance for IOC remains unchanged at 16.7 to 19.6 million tonnes.

LIORC, which will be releasing its full second quarter report after the market close on August 6, 2024, 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 10% per tonne commission on all iron ore products produced and sold by IOC.