lady glueck
12 years ago
NEW MILLENNIUM IRON CORP. ANNOUNCES RAIL SERVICE AGREEMENT BETWEEN TSMC AND GENESEE & WYOMING INC. TO CONSTRUCT AND OPERATE 21 KM RAIL LINE FOR THE DIRECT SHIPPING ORE PROJECT
http://www.nmliron.com/data/attribute/upload/NR1218.pdf
and:
New Millennium Iron Corp. Announces Participation in Study of New Rail Line to Service the Labrador Trough
New Millennium Iron Corp. ("NML" or the "Corporation") (TSX:NML) announced today
the signing of an agreement with the Canadian National Railway Co. ("CN") to
participate in the feasibility study of a new railway and terminal handling
facility that would connect mining projects in the Labrador Trough with the
deep-water port at Sept-Iles, Quebec, where NML is a participant in the recently
announced multi-user dock expected to be in service in 2014 (see news release
12-17 dated July 18, 2012). Caisse de depot et placement du Quebec is CN's
partner in the venture and is also funding the study, along with other mining
company participants.
To accelerate the project process, CN is coordinating the application to the
Canadian Environmental Assessment Agency for the required permits, thereby
allowing the study to be launched with the appropriate consultations with
relevant stakeholders, including First Nations.
Dean Journeaux, President and Chief Executive Officer of NML, said: "This study
will enable us to assess another transportation option available for the
potential development of our very large resource base in the Millennium Iron
Range. We look forward to working with CN and benefiting from its extensive
experience in the haulage and handling of iron ore."
About New Millennium
The Corporation controls the emerging Millennium Iron Range, located in the
Province of Newfoundland and Labrador and in the Province of Quebec, which holds
one of the world's largest undeveloped magnetic iron ore deposits. In the same
area, the Corporation and Tata Steel Limited, one of the largest steel producers
in the world, are advancing a DSO Project to near term production. Tata Steel
Limited owns approximately 26.5% of New Millennium and is the Corporation's
largest shareholder and strategic partner.
Tata Steel exercised its exclusive option to participate in the DSO Project and
has a commitment to take the resulting production (see news release 10-16 dated
September 14, 2010). The DSO Project is owned and operated by TSMC, which in
turn is 80% owned by Tata Steel and 20% owned by NML. The DSO project contains
64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade
of 58.8% Fe, 21.0 million tonnes of Measured and Indicated Mineral Resources at
an average grade of 59.2% Fe, 10.3 million tonnes of Inferred Resources at an
average grade of 58.3% Fe and about 25.0 - 30.0 million tonnes of historical
resources that are not currently in compliance with NI 43-101 (see news release
09-03 dated February 11, 2009, news release 09-05 dated March 4, 2009, news
release 09-16 dated December 9, 2009, news release 10-12 dated July 8, 2010 and
news release 12-14, dated May 31, 2012). A qualified person has not done
sufficient work to classify the historical estimate as current mineral resources
or mineral reserves, the Corporation is not treating the historical estimate as
current mineral resources or mineral reserves and the historical estimate should
not be relied upon.
The Millennium Iron Range currently hosts two advanced projects: LabMag contains
3.5 billion tonnes of Proven and Probable reserves at a grade of 29.6% Fe plus
1.0 billion tonnes of Measured and Indicated resources at an average grade of
29.5% Fe and 1.2 billion tonnes of Inferred resources at an average grade of
29.3% Fe (see news release 06-13 dated July 5, 2006 and news release 07-11 dated
July 17, 2007); KeMag contains 2.1 billion tonnes of Proven and Probable
reserves at an average grade of 31.3% Fe, 0.3 billion tonnes of Measured and
Indicated resources at an average grade of 31.3 % Fe and 1.0 billion tonnes of
Inferred resources at an average grade of 31.2% Fe (see news release 09-01 dated
January 16, 2009). Tata Steel also exercised its exclusive right to negotiate
and settle a proposed transaction in respect of the LabMag Project and the KeMag
Project (see news release 11-09 dated March 6, 2011).
The Millennium Iron Range now hosts another taconite deposit, Lac Ritchie
located at its north end. The initial 2011 drilling of 40 holes in this property
revealed Indicated Resources of 3.330 billion tonnes at an average grade of
30.3% Fe and 1.437 billion tonnes of Inferred Resources at 30.9% Fe (see news
release 12-11, dated April 02, 2012)
The Corporation's mission is to add shareholder value through the responsible
and expeditious development of the Millennium Iron Range and other mineral
projects to create a new large source of raw materials for the world's iron and
steel industries.
For further information, please visit www.NMLiron.com, www.tatasteel.com,
www.tatasteelcanada.com, and www.tatasteeleurope.com.
Dean Journeaux, Eng., and Thiagarajan Balakrishnan, P. Geo., are the Qualified
Persons as defined in National Instrument 43-101 who have reviewed and verified
the scientific and technical mining disclosure contained in this news release.
Forward-Looking Statements
This document may contain "forward-looking statements" within the meaning of
Canadian securities legislation and the United States Private Securities
Litigation Reform Act of 1995. These forward-looking statements are made as of
the date of this document and the Corporation does not intend, and does not
assume any obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future performance and
reflect management of the Corporation's expectations or beliefs regarding future
events and include, but are not limited to, statements with respect to the
estimation of mineral reserves and resources, the realization of mineral reserve
estimates, the timing and amount of estimated future production, costs of
production, capital expenditures, success of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims and
limitations on insurance coverage. In certain cases, forward-looking statements
can be identified by the use of words such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or
the negative of these terms or comparable terminology.
By their very nature forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Corporation to be materially different from any future
results, performance or achievements expressed or implied by the forward-looking
statements. Such factors include, among others, risks related to actual results
of current exploration activities; changes in project parameters as plans
continue to be refined; future prices of resources; possible variations in ore
reserves, grade or recovery rates; accidents, labour disputes and other risks of
the mining industry; delays in obtaining governmental approvals or financing or
in the completion of development or construction activities; as well as those
factors detailed from time to time in the Corporation's interim and annual
financial statements and management's discussion and analysis of those
statements, all of which are filed and available for review on SEDAR at
www.sedar.com. Although the Corporation has attempted to identify important
factors that could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements will prove
to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward looking statements.
lady glueck
12 years ago
Tata Steel begins feasibility study on 2 Canadian ore mines
http://www.thehindubusinessline.com/industry-and-economy/article3737649.ece
NEW DELHI, AUGUST 7:
Tata Steel has commenced the feasibility study on two Canadian iron ore mines, with estimated 5.6 billion tonne reserves, for the possibility of buying a stake in them in order to feed its European operations.
“A feasibility study has been commissioned by the Board with regards to the LabMag and Kemag projects with results likely to come in by the end of this year or early 2013. It is on the basis of this study we would decide the course ahead,” said Tata Steel’s Chief, Corporate Affairs and Communications, Charudatta Despande.
The steel major has joined hands with Canadian firm New Millennium Capital Corporation (NML) for conducting the study, a very preliminary step to assess the potential of the mines. Tata Steel is the largest stakeholder in NML with around 27 per cent stake.
The two projects, LabMag and Kemag, are located near the Direct Shipping Ore project in Labrador, Canada. It is estimated that 5.6 billion tonnes of proven and probable iron ore reserves are available, Tata Steel said.
NML had announced a pact with Tata Steel Global Minerals Holdings Pte to develop the LabMag and Kemag iron ore deposits, known collectively as the Taconite Project.
The two also agreed to enter into a binding joint venture agreement upon the successful completion of the feasibility study and Tata Steel electing to develop one or both of the deposits. As per the agreement, Tata Steel and NML would hold 80 per cent and 20 per cent stake, respectively, in the proposed joint venture.
Iron ore from these mines are expected to feed European operation of Tata Steel. Volatility in raw material prices had in the last fiscal year impacted the bottom-line of Tata Steel Europe, which has around 18 million tonne capacity.
The company is also developing the Direct Shipping Ore project mine in joint venture with NML. It hopes to begin production from this project in the current fiscal year.
Tata Steel Europe has no captive raw material source to feed its plants and thus the entire requirement is met through imports. It takes around 1.6 tonnes of iron ore to make one tonne of steel.
The company had earlier said it would ensure 50 per cent of the key input requirements for its European operation by 2015. The Indian operations of the company get the required raw material from indigenous sources.
Tata Steel has already acquired a stake in a coal mine in Mozambique. It has also stakes in three iron ore mines in Canada and the Ivory Coast.
“During the financial year 2011-12, volatile raw material prices have only reinforced the validity of the strategic objective to achieve greater raw material security. The raw material security will help insulate the Group from swings in prices and thus the resultant impact on profitability,” said Tata Steel.
Trade like a pro: Leverage real-time discussions and market-moving ideas to outperform.
DMar70
5 years ago
starbuxsux
12 years ago
Hot Features
Premium
