Jul 6 2013
New Millennium Iron Corp. announced today that Tata Steel Minerals Canada (“TSMC”), in which NML has a 20% interest, advises that it has entered into a confidential agreement for the sale of TSMC's iron ore production to the Iron Ore Company of Canada (“IOC”). The contract shall allow TSMC to commence shipment of its products in the current year.
Under the confidential sales agreement with IOC, TSMC’s production will be sold by IOC’s marketing organization for delivery to several markets, the details of which will be negotiated between the two parties. In 2012, TSMC produced approximately 300,000 tonnes of 62% Fe direct shipping ore (“DSO”) sinter fines from a portable screening plant. Production resumed in mid-June this year and is expected to continue until October. Meanwhile, construction of the Timmins Processing Plant is progressing and it is now planned to start the plant in November producing DSO grade sinter fines using the crushers and screens and drying for winter shipping. The wet processing and upgrading section of the plant is currently expected to be operational in Q1, 2014. The target is to ship about 2.0 million tonnes in 2013.
Dean Journeaux, President and CEO of NML, said, “This is an important step for NML as we transform ourselves from being a developer to a producer by entering the iron ore market. This interim sales agreement with IOC will enable TSMC to continue production until TSMC can use the new multi-user dock now being constructed by the Port of Sept-Îles at Pointe-Noire, Quebec. We are pleased with the progress of the DSO Project and will continue to work together with TSMC to ensure the completion of plant construction and the continuing transition to a successful production and sales operation.”
Source: http://nmliron.com