Tata Steel and New Millenium to Develop Tasconite Iron Ore Project

New Millennium Capital Corp. of Canada and Tata Steel Ltd. of India have decided to develop the large scale iron ore reserves in Labrador and Quebec. This is the latest bid by a global steel making company on Canada’s resources to secure raw material for manufacturing steel.

With the prices of commodities rising beyond expectations steelmakers are now in a race to amass their own mineral development assets in a bid to keep manufacturing prices down. With demand for iron ore and coal going up thanks to emerging economies of China and India many steel makers have started investing in mines to safeguard against supply shortages as well.

The Tata Group which owns the luxury carmaker Jaguar Land rover and Tata Steel has been investing proactively in iron ore reserves across the globe. The Montreal based New Millennium Capital Corp. signed a joint development deal for the Tasconite Project that it owns with Tata Steel on Monday. The project is situated 30 km north west of Schefferville and lies partly in Labrador and partly in Quebec.

The $50 million jointly financed feasibility study has been initiated and should take about 18 months to conduct. If feasible the JV partners would construct the mine and the grinding and concentration plants nearby. Tata Steel will arrange equity financing for the mine development to the tune of $4.85 billion and it will also handle the debt financing.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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