Quebec Buys Into Iron Ore Development Project
07/28/2016 - The Quebec government is taking an equity stake in a Canadian direct shipping ore project, agreeing to invest CAN$125 million.
The government also has agreed to loan Tata Steel Minerals Canada Ltd. CAN$50 million.
“This very significant award solidifies the future of the … project and, when coupled with the government’s investment in rail and port assets in the Sept-Îles area at Pointe Noire, underscores the government’s support of our industry and communities during these challenging times,” said Robert Patzelt, president and chief executive of New Millennium Iron Corp., a minority partner in Tata Steel Minerals.
New Millennium owns 6 percent Tata Steel Minerals, a direct shipping ore project that is producing and shipping sinter fines. The project is in Canada’s iron-bearing Labrador Trough, in which New Millennium has an extensive property position.
Tata owns 94 percent of Tata Steel Minerals. It also has a 26.2 percent stake in New Millennium and is its largest shareholder.
Quebec is acquiring its stake in Tata Steel Minerals with funds from its Capital Mining Hydrocarbons Fund.
“This very significant award solidifies the future of the … project and, when coupled with the government’s investment in rail and port assets in the Sept-Îles area at Pointe Noire, underscores the government’s support of our industry and communities during these challenging times,” said Robert Patzelt, president and chief executive of New Millennium Iron Corp., a minority partner in Tata Steel Minerals.
New Millennium owns 6 percent Tata Steel Minerals, a direct shipping ore project that is producing and shipping sinter fines. The project is in Canada’s iron-bearing Labrador Trough, in which New Millennium has an extensive property position.
Tata owns 94 percent of Tata Steel Minerals. It also has a 26.2 percent stake in New Millennium and is its largest shareholder.
Quebec is acquiring its stake in Tata Steel Minerals with funds from its Capital Mining Hydrocarbons Fund.
