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Tata Steel Ltd.
BSE: 500470 | NSE: TATASTEEL
Large Cap | Steel & Iron Products
168.65
0.50 (0.30%) Tata Steel forms venture with New Millennium Capital Corp
Date: 27-10-2010Tata Steel has formed a new joint venture company called Tata Steel Minerals Canada Ltd according to the joint venture agreement forged between Tata Steel's wholly owned subsidiary Tata Steel Global Minerals Holdings Pte. Ltd and New Millennium Capital Corp (NML).
The company will acquire Direct Shipping Ore's (DSO) entire mining claims and related assets. It will also carry out detailed engineering and construction of facilities and will be responsible for the operations of the DSO project.
Tata Steel will own 80 per cent of the joint venture company while NML will own 20 per cent and will also be reimbursed 80 per cent for the DSO project costs incurred to closing. The DSO project contains 64.1 million tonnes of “proven and probable mineral reserves”.crackcrack