Tata Steel provides update on Tata Steel Minerals Canada

TSMC's DSO project at Schefferville gets C$ 175 million investment from Govt. of Quebec

Tata Steel announced the Government of Quebec award of a government financial contribution of C $ 175 million to Tata Steel Minerals Canada to support the achievement at Schefferville of a direct shipping iron ore project (DSO project) in which Tata Steel Group has invested an amount in excess of C $1 billion.

The financial contribution includes equity stake of $ 125 million through the Capital Mining Hydrocarbons Fund and a loan of $ 50 million from Investissement Quec, acting as an agent of the Government.

Tata Steel Minerals Canada (TSMC), founded in 2010, is an indirect subsidiary of Tata Steel Ltd, with equity participation from New Millennium Iron Corp. (NML), a TSX listed company headquartered in Montreal, to develop the DSO deposits located in Quebec and Newfoundland and Labrador. TSMC forecasts annual production of over 6 million tonnes of iron ore.

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