Tata Steel in JV with New Millennium for Canada mining project
26 October 2010
Tata Steel Global Minerals Holdings Pte Limited, a wholly owned subsidiary of Tata Steel, has established a joint venture with New Millennium Capital Corporation for operating the DSO mining project in Canada.
The joint venture company, named Tata Steel Minerals Canada Ltd, will acquire all of the DSO mining claims and related assets, carry out detailed engineering and construction and will be responsible for the operations of the DSO project.
Tata Steel will own 80 per cent of the joint venture company and New Millennium Capital Corporation the remaining 20 per cent. Tata Steel would reimburse 80 per cent of the DSO project costs to New Millennium.
The joint venture project has been incorporated in accordance with the terms of an agreement signed on 6 November 2009 between Tata Steel Global Minerals Holdings Pte Limited and New Millennium Capital, Tata Steel said in a release.
Tata Steel has appointed four directors - Partha Sengupta (vice president, raw materials), Rajesh Sharma (executive in-charge, Southern Africa), Dinesh Shastri (general manager, global mineral resources) and Sandip Biswas (group head - corporate finance and treasury) to the joint venture company's board of directors.
New Millennium has appointed Roy Hudson, currently secretary and a director, as its lone member on the joint venture board.
"With the formation of Tata Steel Minerals Canada Ltd, New Millennium has taken another important step towards achieving its goal of becoming an iron ore producer. This joint venture demonstrates New Millennium's ability to successfully commercialise our mineral assets," Robert Martin, NML CEO and president, said.