CALGARY, Alberta, Canada (GLOBE NEWSWIRE) – November 19, 2018) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today that the Company has closed the previously announced transaction under which 6.5 million tonnes of the 15 million tonnes of annual wharf capacity reserved by NML in a July 2012 contract with the Sept-Îles Port Authority (the “Port”), along with the associated rights and obligations, shipping rates and other terms in the July 2012 contract were sold to Tacora Resources Inc. (see NR 18-01 dated April 19, 2018).
Total cash consideration of $4 million was paid to NML as scheduled and further payments to NML of $0.10 per tonne of iron ore shipped under the sold capacity through the Port facilities will commence from and after the date of the first shipment.
Other than the reduction in NML’s annual wharf capacity to 8.5 million tonnes, there will be no change to NML’s existing arrangements with the Port regarding the rights and shipping rates related to the remaining reserved capacity.
The new multi-user wharf is part of the Pointe-Noire product handling and shipping terminal at Sept-Îles.
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