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 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.

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