New Millennium, Tata Steel show Taconite iron ore project is feasible

VANCOUVER – The Taconite project feasibility study is complete, which means project owner New Millennium Iron Ore (TSX: NML) should hear within four months whether joint venture partner Tata Steel wants to turn the Labrador Trough iron...

VANCOUVER – The Taconite project feasibility study is complete, which means project owner New Millennium Iron Ore (TSX: NML) should hear within four months whether joint venture partner Tata Steel wants to turn the Labrador Trough iron ore project into a long life mine.

It is no small decision: capital costs to bring just one of the two massive deposits at Taconite into production total $7.75 billion and its deal with New Millennium stipulates Tata would have to provide most of the funding.

It is a lot of money, even for one of the world’s largest steel producers, which is why the companies are now seeking out a third partner to help shoulder the load. With that search underway, New Millennium will likely agree to give Tata more time to make its decision.

Continue reading this story at NorthernMiner.com/news/new-millennium

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