NML, Canada To Develop Iron Ore Mine As First Canadian Co

摘要

A Canadian company has acquired a majority stake in an iron ore mine property in Canada. Namely, New Millennium Capital Corp (NML, head-office in Calgary) acquired an 80 percent stake in former Howells River Taconite deposit which was previously owned by Iron Ore Company of Canada (IOC). This is the first time that a Canadian company holds a majority share in a Canadian iron ore property. NML is currently advancing feasibility studies, aiming at construction of a pellet plant to start commercial production by 2011, if the studies result to be positive. While demand for iron ore is largely growing mainly from China, its seaborne trade is likely to reach 600 million tons (Mt) this year, and the upward tendency is regarded to continue into the future. NML, driven by this favorable situation, has come to project the pellet manufacturing plant.