LIM Stage I iron ore mine

Labrador Iron Mines (LIM) Stage I is a small, currently-idled surface mine located approximately 1,100 kilometres northeast of Montreal, in the border of Newfoundland and Labrador, and Quebec, Canada. In 2013, LIM announced it'd be idling the operation due to a combination of persistently low prices and negative cash flows. The company now plans to focus on securing new financial arrangements to design a lower-cost framework at its Stage II Houston mine. Given uncertain market conditions, LIM's financial struggles and the uncertainty around potential financing, we do not currently include either Houston or a Stage I restart in our base case forecast. The 2025 potential production start-up is related to Houston project. As LIM does not own any of the rail links to export, it must pay tariffs to access each of the rail lines. Thus, when operational, the mine used to have the highest per-tonne transport cost in our Canadian dataset.