Subscribe: 
Magazine
Newsletters
subscribe Read Magazine
Hot Topics:
Print Text: A A
Topics  News & Markets

Tata Steel Minerals signs rail deal to export ore through Quebec port

By The Canadian Press  | January 30, 2012
Chat Email
Tata Steel's IJmuiden Works plant in the Netherlands is shown in a handout photo. THE CANADIAN PRESS/HO
Tata Steel's IJmuiden Works plant in the Netherlands is shown in a handout photo. THE CANADIAN PRESS/HO

CALGARY - Tata Steel Minerals Canada Ltd. has entered into a rail deal to transport iron ore products from a joint venture project in Labrador to a Quebec port.

The deal, announced Monday by Tata's joint venture partner, New Millennium Iron Corp.(TSX:NML), will see product from their ore project transported from Emeril Junction, N.L., to Arnaud Junction in Sept-Iles, Que. 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 Ltd., will supply the locomotives.

"This new agreement is an important step in the logistics process of delivering iron ore products to Tata Steel Europe, said New Millennium president and CEO Dean Journeaux.

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 Ltd., one of the world's largest steel producers, is New Millennium's largest shareholder, holding about 27 per cent 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.

Print Text: A A
Topics  News & Markets
Comments
Comment Anonymously

Cancel
Loading comments - please wait...
1 of 1 Back Next
Subscribe



TOOLS:

Stock Quote / Mutual Funds / Portfolio

Market News

More Market News
  • Popular
  • Commented
Editor's Pick

Canada's Best Jobs

Special Report: Find your future in these professions.
Poll
View the results from recent polls


twitter From Twitter
Connect
Rankings & Awards
More Awards & Rankings
Subscribe
More from the Canadian Business Network
Canada's Best Jobs 2012
rotator Wondering who's hiring, what they're paying and whether their industry is booming or dwindling? Our rankings will help you plot a practical course through today's job market.
JPMorgan and derivatives
Dice Directors don't understand them and regulators are too conflicted.
Canada's youth see little employment gains
CB_youth_unemployment Here's a silver lining for young Canadians seeking work: at least you're not looking for jobs in 1983, or in Greece.
SNC-Lavalin scandal won't hurt future business: analysts
Duhaime_CB A police raid is not a good sign, but despite the turmoil, analysts aren’t calling SNC-Lavalin a sell.
Internet too important for free-market economics
CB_world The Internet is not just a service. It's the most democratizing and equalizing technological tool ever invented.
MoneySense June 2012
ISSUE: June 2012

.

Profit cover March 2012
PROFIT: Issue - March 2012

CB07_COVER (web)
Issue: April 30, 2012

Subscribe
Back to Top
Blogs & Analysis
CSR
/
Business Ethics
/
Consumer Insight
/
Sales & Marketing
/
Performance
/
Tech
/
Business Briefings
/
Investing
Multimedia
CBN Podcasts
/
CBN Videos
/
CBN Galleries
Tools
My Portfolio
/
Discussions
/
Stock Quotes
/
Mutual Fund Lookup