TORONTO , Dec. 4, 2020 /CNW/ - Labrador Iron Ore Royalty Corporation (the "Corporation") announced today that it has been advised that the Innu communities of Uashat mak Mani-utenam and Matimekush-Lac John signed a Reconciliation and Collaboration Agreement with the Iron Ore Company of Canada ("IOC").
The life of mine agreement lays the groundwork for a mutually beneficial relationship based on dialogue, collaboration and trust between the company and the two communities over the coming decades. Among other things, it will facilitate greater participation from the communities in IOC's activities such as training and development, employment, collaboration on environmental projects, procurement partnerships and will provide them with financial benefits.
The agreement also calls for an end to the legal action initiated by Uashat mak Mani- utenam and Matimekush-Lac John against IOC, allowing IOC to continue its activities in Sept-Îles and Labrador City and its economic contributions to Labrador West and the North Shore.
About Labrador Iron Ore Royalty Corporation
The Corporation 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 and a 10 cent per tonne commission on all iron ore products produced, sold and shipped by IOC.
SOURCE Labrador Iron Ore Royalty Corporation
View original content: http://www.newswire.ca/en/releases/archive/December2020/04/c4820.html