Labrador Iron Mines raises C$30m

Anglesey Mining’s 26 per cent-owned Labrador Iron Mines is to raise C$30m (£18m) through a share placing. It plans to issue 30m shares at $1 each. The Canadian miner said the proceeds will be used for working capital and general corporate purposes. The placing is expected to finish on 25 October. LIM, an iron ore producer, started full production in April, and aims to sell 1.7m tonnes of iron ore this year.