operations in 2013. By the end of November, LIM will have completed its mining operations, winding down its processing and rail operations. LIM expects to complete its shipping season with a tenth shipment in November. Resumption of mining operations in April 2013 for the 2013 operating season will depend on a number of inter-related factors, including LIM being reasonably confident that the forecast iron ore spot price will continue at levels of US$110 per tonne (62% Fe) or higher on a CFR China basis at least for the 2013 operating season. LIM is currently targeting approximately 2 million tonnes of iron ore production in 2013. Second Quarter Financial Review During the fiscal second quarter ended September 30, 2012, LIM sold four shipments totalling 648,000 dry tonnes of iron ore and recognized revenue of $33.0 million (FOB Port of Sept-Iles) from the sale of these shipments. Revenue for the second quarter was negatively impacted by a decline of 33% in the spot price of iron ore (on a CFR China basis, before value-in-use adjustments and before ocean freight and IOC allocation) during the quarter due to a number of factors in the seaborne iron ore market that included de-stocking of plant inventories by Chinese steel mills, traders withdrawing from the spot market and historically high port inventories in China. For the quarter ended September 30, 2012, LIM reported a loss of $31.7 million, or $0.47 per share, which included a depletion and depreciation charge of $14.4 million or $0.21 per share.