New Millenium Iron Corp. (fka NWLNF)

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Tata Steel could invest up to $400 million in Quebec over the next two years...
PRESSE CANADIENNE

http://montrealgazette.com/business/tata-steel-could-invest-up-to-400-million-in-quebec-over-the-next-two-years?__lsa=6f7b-ac31


DAVOS, Switzerland – Quebec received some good news for its Plan Nord on Wednesday in Davos when Tata Steel signed an agreement in principle with the Couillard government. The company could invest up to $400 million in the province within the next two years.

Despite depressed prices for iron ore, the company wants to speed up an iron ore mine project, also known as the DSO project at Schefferville in northern Quebec, where it has already invested over $1 billion.

This investment – the largest ever made by Tata Steel outside India – should also help to consolidate or maintain 300 jobs.

“It sends a signal of hope to the North Shore,” said Prime Minister Philippe Couillard in a press conference.

By March 31, the Quebec government will decide the extent of public money to be invested in the project to acquire a stake in it.

The announcement was made on the first day of the Economic Forum in Davos, Switzerland, at a press conference during which Couillard was accompanied by Economy Minister Jacques Daoust, as well as representatives of Tata Steel.

The two sides also agreed to facilitate transit activities of iron ore from Arnaud Junction, which Investissement Québec is trying to acquire, to the dock of the Port of Sept-Îles – a cornerstone of the Plan Nord.

The DSO site of Tata Steel produces between two and three tons of ore annually. If the project goes ahead, production could reach up to six million tonnes per year.