Canadian Ore Producer Delists Shares on OTCQX Exchange
12/10/2015 - Canada’s New Millenium Iron Corp. is voluntarily delisting its common shares on the OTCQX International exchange, the company has announced.
In a statement, the company said the decision follows a detailed review of the trading volume, costs and administrative requirements related to its listing. Common shares will continue to be listed on the Toronto Stock Exchange, it said.
New Millenium holds acreage in Canada’s principal iron ore district, the Labrador Trough, and is working with its largest shareholder, Tata Steel, on a direct-shipping ore project. The project is producing and shipping sinter fines.
In November, the company announced it was laying off about one-quarter of its 25-person staff due to market conditions. It also had said it was considering other cost adjustments as part of its 2016 budgeting.
According to MetalMiner, spot iron ore prices hit a new low last week, falling below US$40 per metric ton. It said many expected to see a steel industry recovery in the second half of 2015, but the slump has continued.
“The market has seriously underestimated the demand erosion that the economic rebalancing in China has created,” it said.
The firm added that nearly a decade of near-zero borrowing costs have put new capacity into the pipeline and allowed unprofitable production to be maintained.
New Millenium holds acreage in Canada’s principal iron ore district, the Labrador Trough, and is working with its largest shareholder, Tata Steel, on a direct-shipping ore project. The project is producing and shipping sinter fines.
In November, the company announced it was laying off about one-quarter of its 25-person staff due to market conditions. It also had said it was considering other cost adjustments as part of its 2016 budgeting.
According to MetalMiner, spot iron ore prices hit a new low last week, falling below US$40 per metric ton. It said many expected to see a steel industry recovery in the second half of 2015, but the slump has continued.
“The market has seriously underestimated the demand erosion that the economic rebalancing in China has created,” it said.
The firm added that nearly a decade of near-zero borrowing costs have put new capacity into the pipeline and allowed unprofitable production to be maintained.
