LABRADOR - An impact benefit agreement has been signed by the Innu Nation of Labrador and Tata Steel Minerals Canada (TSMC) covering the direct shipping iron ore project near Schefferville. TSMC is a joint venture of Calgary-based New Millennium Iron Corp. and India's Tata Steel.
The agreement establishes how the benefits of the iron ore mine will be shared and ensures a ongoing positive relationship between the parties. The Innu will be offered training, employment, business opportunities and financial participation in the project. TSMC is also committed to safeguard the environment and protect the Innu Nation's society and culture.
The IBA was signed in Montreal by Innu Grand Chief Joseph Riche and Rajesh Sharma, managing director and CEO of TSMC. NML's president and CEO Dean Journeaux was also present.
The agreement with the Innu Nation is the third one of four such IBAs that are in the process of being concluded. An IBA with the Naskapi Nation was announced on June 10, 2010, and with the Nation Innu Matimekush-Lac John (NIMLJ) on June 8, 2011. TSMC has also signed an agreement in principle with Innu Takuaikan Uashat mak Mani Utenam (ITUM) of Sept- Iles, Quebec.
Learn more about the DSO project at www.NMLiron.com.
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