QUEBEC – Tata Steel Minerals Canada (TSMC), a joint venture of India’s Tata Steel (94%) and Calgary’s New Millennium Iron Corp. (6%), has received a $175-million contribution from the Quebec government for the direct shipping ore (DSO) project in the Labrador Trough.
The money comes $50 million from Investissement Quebec and $125 million though the government’s Capital Mining Hydrocarbons Fund.
Robert Patzelt, NML’s president and CEO, said, “This very significant award solidifies the future of the DSO project and, when coupled with the government’s investment in rail and port assets in the Sept-Iles area at Pointe Noire, underscores the government’s support of our industry and communities during these challenging times.”
The DSO project will produce 6 million tonnes of iron ore annually during seasonal operation. About 4.2 million tonnes will be processed ore, and 1.8 million tonnes will be merely crushed and screened. The ore will be railed to the port of Sept-Iles.
Please see http://www.NMLiron.com/projects/dso-project to read the feasibility study.