LABRADOR – Montreal-based Tata Steel Minerals Canada has acquired the remaining 49% of the Howse joint venture. It bought out its partner, Labrador Iron Mines Holdings, for $5 million in cash. The buyout complied with the terms of the original joint venture was signed in September 2013.
LIM voluntarily delisted from the TSX in February 2015, and just this month began the process of court-supervised restructuring under the Companies’ Creditors Arrangement Act.
Tata Steel Minerals Canada (TataSteelCanada.com) is a joint venture of India’s Tata Steel Group (80%) and New Millennium Iron Corp. (20%) of Calgary.