Labrador Iron Ore Royalty Corporation (TSX:LIF) - IOC Management Changes

March 19, 2021

Canada NewsWire

TORONTO , March 19, 2021 /CNW/ - Clayton Walker , the President and Chief Executive Officer of Iron Ore Company of Canada (IOC), has announced that he has accepted a role in the Rio Tinto Copper product group as the Chief Operating Officer, Copper, based in Salt Lake City . As a result, Clayton will be stepping down as IOC's President and CEO effective April 16 . A search for his replacement is underway, and in the interim, Donald Tremblay , the Chief Financial Officer of IOC, will be acting CEO. Clayton will stay on as Chairman of the board of directors of IOC until a replacement is identified to ensure continuity and a smooth transition.

The management and directors of Labrador Iron Ore Royalty Corporation would like to thank Clayton for his dedicated and effective leadership of IOC and wish him continued success in his new role within Rio Tinto.  During his tenure as CEO, IOC made significant operational and partnership advancements that positions IOC as a premier producer of high quality iron ore products.

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

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