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Tata Steel to Invest in Canadian JV for Iron Ore Supplies
Tata Steel is to exercise its option to acquire an 80 % interest in its JV with Calgary, Alberta-based NML’s Schefferville Direct Shipping Ore (DSO) Project by paying NML CAD 300 million of capital costs for the project to take 100 % of the iron ore from the project at world market prices, for the life of the mining operation. The steel maker will also reimburse NML 80 % of the cost incurred to date on the project. The DSO project has the capacity to produce 4 million dry tonnes per year of iron ore starting in 2012 and Tata Steel, the world’s seventh-largest steel maker, will ship the ore to its European arm Corus, which has plants in the Netherlands and the UK. NML, a publicly-owned company, controls the emerging Millennium Iron Range, located in the province of Newfoundland and Labrador and in the Province of Quebec, which holds one of the world’s largest undeveloped magnetic iron ore deposits. The Canadian miner owns 80 % of the mine that is estimated to have reserves of around 100 Mt. The DSO project includes several deposits in Quebec and Labrador near Schefferville. (09/2010)