(The Canadian Press) The Iron Ore Company of Canada said Monday that its workers have ratified a new six-year collective agreement.
The company said that the approval by United Steelworkers Locals 5795 and 6731 in Labrador City, N.L., completes its latest round of bargaining with its unions.
The company, which is controlled by Rio Tinto Plc (NYSE:RIO, Stock Forum), has 2,200 employees and operates an iron ore mine, concentrator and a pelletizing plant in Labrador City as well as port facilities located in Sept-Iles, Que.
Labrador Iron Ore (TSX: T.LIF.UN, Stock Forum) also controls a 15.1 per cent equity stake in IOC. Labrador Iron Ore units rose 55 cents to $34,80 on Monday, giving Labrador a market cap of $2.23 billion, based on 64 million shares outstanding. The 52-week range is $41.30 and $27.13.