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Tata Steel in pact with New Millennium
Corporate Reporter
CHENNAI: Tata Steel, through its subsidiary, Tata Steel Global Minerals Holdings, has entered into joint venture agreement with New Millennium Capital Corp and LalMag Limited (NML) Partnership (through its general partner) for development of the direct shipment ore (DSO) project in Canada.
The feasibility study for the DSO project is underway based upon which Tata Steel may make its investment decision within 180 days from delivery of feasibility to Tata Steel.
Tata Steel will arrange to fund 100 per cent of t he project cost upto C$300 million for 80 per cent equity stake in the joint venture with NML holding 20 per cent.
DSO project contains a resource of about 100 million tonnes of direct shipping quality ore.
NML expects to produce four million tonnes of iron ore products annually from the DSO project.
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