[4] The crushed ore iron content is increased in Labrador City from 38% to a two-thirds ratio by a grinding process.

A sequence of four wet mills feeds into a gravity spiral plant to increase the grade.

It receives and stockpiles iron ore pellets and concentrate from Labrador City via the QNSL railway.

[3] In addition to the Japanese, IOC supplies companies like Salzgitter AG and several German steel works.

It also received a grant of surface rights to establish the town site that became Labrador City.

The LM&E has taken various forms over the years and since 2010 exists as the Labrador Iron Ore Royalty Corporation (LIORC).

No matter the particular corporate form, its treasury receives a 7% gross overriding royalty on iron ore products produced and sold by IOC.

[6] The IOC was founded in 1949 by a partnership of Canadian and American firms, most notably Hollinger, Labrador Mining, National Republic, Armco, Youngstown and Wheeling-Pittsburg, and the M.A.

[11] In June 2010 the Labrador Iron Ore Royalty Income Fund was transformed into the LIORC in a transaction valued at $248 million.

[13] By 2013 Mitsubishi and Rio Tinto corporations dominated the shareholdings, alongside junior partner LIORC.

It "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.

[8] In August 2018 there were rumours afloat that Rio wanted to list its shares of IOC on the Toronto Stock Exchange; this came shortly after a two-month strike at the Labrador mine.