Canada's New Millennium Capital will begin construction work on phase I of its direct shipping ore (DSO) project within the next few months.
The company has obtained environmental impact statement approval from the Government of Newfoundland and Labrador, which will allow it to commence the proposed iron ore production by the second quarter of 2012.
Under phase 1, the company will perform mining operations over the Timmins 3N, Timmins 4, Timmins 7 and Fleming 7N deposits in Newfoundland and Labrador.
NML CEO and president Robert Martin said the DSO project will provide significant benefits to the Province of Quebec and the affected aboriginal communities in the provinces.
"We look forward to working with Tata Steels Minerals Canada, the joint venture company responsible for the operation of the mine, to expedite the permitting work in order to start construction this summer," Martin said.