Canadian Mining Journal

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IRON ORE MINING – Dofasco pays $306 M for remainder of Quebec Cartier

HAMILTON, Ontario - DOFASCO INC. announced that it will acquire substantially all of the remaining two-thirds inter...


HAMILTON, Ontario – DOFASCO INC. announced that it will acquire substantially all of the remaining two-thirds interest that it does not now hold in QUEBEC CARTIER MINING. Montreal-based QCM mines and concentrates iron ore at Mont-Wright and operates a pellet plant, a deep-water harbour and a railway between the mine in northern Quebec and the port at Sept-Iles. Details of the operation are posted at www.QCMines.com.

Under the agreement Dofasco will acquire all of the shares of QCM owned by CAEMI of Brazil and Investissement Quebec for a total consideration of $306 million. It is planned that immediately following the closing of the transaction, all of the preferred shares of QCM will be converted into common shares, which will result in Dofasco holding over 98.7% of the common shares. The purchase agreement, which is subject to obtaining relevant regulatory approvals, is expected to close early in the third quarter of this year.

Dofasco is a leading North American steel producer with its main plant in Hamilton, Ont. Its website is at www.Dofasco.ca.


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