Tuesday, 31 Jan 2012
The Canadian Press reported that TATA Steel Minerals Canada Limited has entered into a rail deal to transport iron ore products from a JV project in Labrador to a Quebec port.
The deal, announced by TATA's JV partner, New Millennium Iron Corporation, will see product from their ore project transported from Emeril Junction NL, to Arnaud Junction in Sept Iles. The product will then be exported to Europe.
Under the confidential life of mine agreement with Quebec North Shore and Labrador Railway Co, TATA will supply the rail cars while the railway, a subsidiary of Iron Ore Company of Canada Limited, will supply the locomotives.
Mr Dean Journeaux president & CEO of New Millennium said that "This new agreement is an important step in the logistics process of delivering iron ore products to TATA Steel Europe."
Mr Journeaux added that the deal will provide cost and transport certainty for the project over the life of the mine, expected to be 15 years or more.
TATA Steel Limited, one of the world's largest steel producers, is New Millennium's largest shareholder, holding about 27% of its stock, as well as a strategic partner.
New Millennium controls the emerging Millennium Iron Range, located in Labrador and Quebec, which holds one of the world's largest undeveloped magnetic iron ore deposits. In the same area, the company is also advancing its DSO project to near term production. The project contains some 64 million tonnes of proven and probable reserves.
(sourced Canadianbusiness.com)
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