Labrador Iron Ore Royalty Corporation (“LIORC”) is an investment company, whose investments all relate to Iron Ore Company of Canada (“IOC”) and consist of a 15.1% equity interest in IOC, and a 7% gross overriding royalty and a 10 cent per tonne commission on all iron ore products produced, sold and shipped by IOC. LIORC does not control or operate IOC, however, LIORC is indirectly exposed to environmental, social and other risks arising from IOC’s operations. IOC is not considered a supplier to LIORC. Due diligence and oversight of LIORC’s investments in IOC is covered by LIORC’s Environment and Sustainability Policy.
LIORC has a Supplier Code of Conduct that sets out our expectation that suppliers comply with the code and operate in accordance with values comparable to the Company’s values, and in a manner which is consistent with prudent business practices.
Investments in IOC
IOC is controlled and operated by Rio Tinto PLC, one of the largest diversified mining operators in the world. As a subsidiary of Rio Tinto, IOC follows all applicable Rio Tinto supplier and procurement policies.
IOC’s website provides information on IOC’s suppliers and its procurement process. Its procurement activities, which are coordinated through Rio Tinto procurement, are designed to ensure a fair evaluation and selection process, based on appropriate methods of competition among qualified suppliers of goods and services, and is consistently applied to all prospective suppliers. IOC is committed to working with Indigenous Businesses who meet its supplier requirements and health, safety and environmental standards. Suppliers are expected to maintain compliance with all IOC health and safety requirements and to meet IOC’s Standards for Suppliers and the Rio Tinto Supplier Code of Conduct and the Business Integrity Standard.