Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Under pressure from spiralling iron-ore prices and a global supply glut, seasonal miner Labrador Iron Mines (LIM) on Thursday obtained an initial order from the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act (CCAA) that would protect the firm from its creditors. A reduced appetite for the steelmaking ingredient in China, combined with excess supply from the large Australian producers such as BP Billiton and Rio Tinto as they fought to maintain market share, brought on slumping iron-ore prices that had made life grim for small-scale producers.
Under pressure from spiralling iron-ore prices and a global supply glut, seasonal miner Labrador Iron Mines (LIM) on Thursday obtained an initial order from the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act (CCAA) that would protect the firm from its creditors. A reduced appetite for the steelmaking ingredient in China, combined with excess supply from the large Australian producers such as BP Billiton and Rio Tinto as they fought to maintain market share, brought on slumping iron-ore prices that had made life grim for small-scale producers.
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