The Taconite Project

The Taconite Project consists of two deposits: the LabMag deposit located in the Province of Newfoundland & Labrador and the KéMag deposit located in the Province of Quebec.

LAST UPDATE: APRIL 2013

The feasibility study was started in March 2011, following the signing of the Heads of Agreement ("HOA") between NML and Tata Steel. To complete the study, a team has been formed that consists of personnel from both NML and Tata Steel. The feasibility study will take between 18-21 months to complete, with an estimated cost of $50.0 million. Tata Steel will pay 64% of the study costs and NML 36%. An Engineering consultant (study manager) has been appointed with the responsibility to complete a feasibility study to be used to raise debt financing from financial...

Independent pre-feasibility studies (PFS) were completed for each of the LabMag & KéMag Projects in order to provide development flexibility. The results of the LabMag and KéMag studies were published in 2006 and 2009 respectively

The LabMag deposit is in the Howells River taconite area and was explored by Labrador Mining and Exploration Co. (LM&E) and IOCC from 1949 to 1979.

The KéMag Property is located immediately to the west of Lac Harris and Lac Gillespie. Between 1949 and 1958, the Iron Ore Company of Canada (IOCC) carried out exploration mapping, sampling and test drilling to locate enriched iron ore deposits (DSO) around the KéMag deposit area.