Tata Steel joins hands with two Canadian firms for ore project

01 Dec 2009 CW Team

Tata Steel has proposed to invest about Rs 1,300 crore in a joint venture for an iron ore project in Canada. Tata will own 80 per cent equity stake with the two Canadian firms - New Millennium Capital Corporation (NML) and LabMag Ltd Partnership - holding the rest, to develop the Direct Shipment Ore (DSO) project in Canada.

The DSO project contains a resource of about 100 mn tonne of direct shipping quality ore out of which NML expects to produce four mn tonne of iron ore products per annum. Tata Steel will have 100 per cent off-take rights of the production from the project. The project is expected to start initial production in the second quarter of 2011.

Contact: Tata Steel. Tel: 022- 6665 8282. Fax: 022- 6665 8113. Website:

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