New Millennium has been active in the Labrador Trough since 2003, and over time established control of extensive taconite and direct shipping ore (“DSO”) properties in the Menihek area, straddling the border between Newfoundland & Labrador, and Québec, near the town of Schefferville.
The area was an operating site for Iron Ore Company of Canada from 1954 to 1982, and has seen new exploration and development activity in recent years. Benefits include Schefferville’s civil infrastructure, local and nearby communities, and an airport with commercial service. There is also a railway connection in service to the city of Sept-Îles, Québec, with its well-established iron ore port facilities that readily access both the global seaborne and St. Lawrence Seaway/Great Lakes markets.
Beginning in 2011, NML significantly advanced earlier work toward project development with its taconite properties through comprehensive feasibility studies and technical reports on its large KéMag and LabMag taconite deposits carried out with strategic partner Tata Steel, coupled with exploration programs on five other deposits. As a result of these investments, NML controls among the World’s largest certified magnetite resources, all of which can produce high quality pellets and concentrates, and is currently focused on a smaller market entry project called NuTac, for which a prefeasibility study was carried out and published in June 2016.
NML is already active in DSO development through a minority interest in Tata Steel Minerals Canada Ltd. (“TSMC”), which is also owned by subsidiaries of Tata Steel and the Quebec Government’s financing arm, Investissement Québec.