06:51 AM EDT, 08/07/2024 (MT Newswires) -- Labrador Iron Ore Royalty ( LIFZF ) late on Tuesday reported an increase in second-quarter net income due to an increase in pellet sales tonnages and higher iron ore prices.

Second-quarter net income came in at $50.2 million, or $0.78 per share, up from $41.9 million, or $0.65 per share. Revenue increased to $53.1 million from $51.5 million.

Equity earnings from Iron Ore Company of Canada (IOC) also rose to $18.5 million from $13.5 million. IOC concentrate production increased 1% to 3.9 million tonnes while IOC saleable production rose 6% to 3.7 million tonnes.

Rio Tinto maintained IOC's 2024 saleable production guidance at 16.7 million to 19.6 million tonnes.

Labrador Iron Ore Royalty's ( LIFZF ) revenues are entirely dependent on the operations of IOC as its principal assets relate to the operations of IOC and its principal source of revenue is the 7% royalty it receives on all sales of iron ore products by IOC. IOC is a joint venture between Rio Tinto, Mitsubishi and Labrador Iron Ore Royalty Income Corp.