Quebec Acquires Stake in Direct Shipping Ore Project
10/28/2016 - The Quebec provincial government has signed an agreement to acquire an 18% equity stake in Tata Steel Minerals Canada for CA$125 million, according to one of the partners in the business.
According to New Millennium Iron Corp., the government also is extending a CA$50 million loan to Tata Steel Minerals Canada, a direct shipping ore project in the country’s Labrador Trough.
“We join Tata Steel in welcoming the Quebec government as an equity partner in Tatat Steel Minerals Canada and believe this participation will facilitate the implementation of (the company's) operating plan for the (direct shipping ore) project,” said New Millennium president and chief executive Robert Patzelt.
“Through its financial support of TSMC and investments in related infrastructure during these challenging times for the global iron ore industry, the Quebec government has further demonstrated its commitment to sustainable mining and regional development in accordance with the objectives and vision of its Plan Nord initiative,” Patzelt said.
Tata Steel is New Millennium’s largest shareholder. It also is a strategic partner in New Millennium’s plans to develop seven taconite properties in the iron-bearing Labrador Trough, which straddles Quebec and Newfoundland and Labrador.
“We join Tata Steel in welcoming the Quebec government as an equity partner in Tatat Steel Minerals Canada and believe this participation will facilitate the implementation of (the company's) operating plan for the (direct shipping ore) project,” said New Millennium president and chief executive Robert Patzelt.
“Through its financial support of TSMC and investments in related infrastructure during these challenging times for the global iron ore industry, the Quebec government has further demonstrated its commitment to sustainable mining and regional development in accordance with the objectives and vision of its Plan Nord initiative,” Patzelt said.
Tata Steel is New Millennium’s largest shareholder. It also is a strategic partner in New Millennium’s plans to develop seven taconite properties in the iron-bearing Labrador Trough, which straddles Quebec and Newfoundland and Labrador.
