Tata Steel Extends Exclusive Canadian Mining Deal

15 July 2010 (Last Updated July 15th, 2010 18:30)

Tata Steel has extended its exclusive option to undertake Canadian iron ore projects through its Canadian partner New Millenium Capital Corporation (NMCC) to 31 December. NMCC plans to tap iron ore in Newfoundland and Labrador and Quebec, which are estimated to have 5.6 billion tons of

Tata Steel has extended its exclusive option to undertake Canadian iron ore projects through its Canadian partner New Millenium Capital Corporation (NMCC) to 31 December.

NMCC plans to tap iron ore in Newfoundland and Labrador and Quebec, which are estimated to have 5.6 billion tons of iron ore reserves, according business-standard.com.

Tata Steel plans to increase raw material security by buffering its European operations against market volatility through iron ore supply from Canada.

Tata currently holds a 27.4% stake in NMCC and an 80% share of the company's Direct Shipping Ore project.