Mission Statement

Our mission is to add shareholder value through the responsible and expeditious development of the Millennium Iron Range and other mineral projects to create a new large source of raw materials for the world's iron and steel industries. In this process, NML aims to become a significant iron ore producer in North America by developing an additional Taconite Project before the end of this decade.

NML is already partnering with one of the largest steelmakers in the world, Tata Steel.

This type of strategic partnership enables NML to participate in a mega project, generate stable cashflow and deliver higher earnings per share by:

  • Having access to low cost capital,
  • Causing minimum dilution of shareholders' equity, and
  • Obtaining guaranteed offtake contracts for life of the mine at market prices.

NML's management team has successfully discovered, built and operated major iron ore mines around the globe during the last four decades. Iron ore mines are long lasting and large scale operations. Meticulous long term planning and efficient deployment of advanced technologies are the main ingredients to build a productive operation that would remain competitive over the long term. NML's motto is "do it right the first time".

NML strives to become one of the lowest cost operators by using the most efficient technologies through leveraging the experience of its people. Since the commodity industry is cyclical with volatile swings in prices, NML's aim is to position its operations at the lower end of the cost curve to ensure continued success under the most adverse conditions. Based on a mining rate of 76 mtpy, NML believes to have more than 100 years of resources, and could operate successfully during several iron ore supply cycles.

Key Principles of NML's planning process:

  • Long term perspective.
  • Selection of the best resource.
  • Ore characterization and blending to minimize variability of the plant feed.
  • Process development through methodical testing, including large scale continuous pilot scale tests.
  • Close collaboration with equipment vendors and technology suppliers to ensure incorporation of the most efficient proven solutions.
  • Openness to innovative ideas and input from all sides.
  • Efficient deployment of capital to become one of the lowest cost producers.
  • Optimization and value engineering to ensure longer term efficiency.
  • Closeness to customers; creating customised, high quality, tailored products to satisfy their needs.

Recent examples of sustainability and innovativeness of NML's projects:

DSO Project:

  1. Expected year round operation for an efficient employment of capital.
  2. Utilization of the waste heat for process, building heat and products moisture reduction for winter shipment.
  3. A dome to cover the processing plant and other installations under one roof to control the year round working climate.
  4. Efficient flow sheet to achieve 80%+ ore recovery.

Taconite Project:

  1. Low cost slurry transportation by pipeline.
  2. A new generation of taconite flowsheet to significantly reduce energy requirements.
  3. Ability to produce Direct Reduction grade products (SiO2 ~1.5%).