Tata Steel, New Millennium ink Canadian iron ore agreement

摘要

India's Tata Steel Ltd. is making a foray into North America in order to secure iron ore reserves for its European steelmaking operations. The company said Monday it had signed a binding “heads of agreement” with Calgary, Alberta-based New Millennium Capital Corp. to develop Canada's LabMag and KeMag iron ore deposits for as much as Canadian $4.85 billion ($4.98 billion). Tata Steel owns 27.2 percent of New Millennium and is its largest shareholder. The two deposits, collectively known as the Taconite Project, are located in two provinces: Newfoundland and Labrador, and Quebec..