Tata Steel announced Monday that it will review its agreement with the Alberta-based New Millennium Iron Corporation (NML) on developing iron ore sites in
Canada.
Through its wholly-owned subsidiary Tata Steel Global Minerals Holdings Pte Ltd, Tata Steel owns about 26.2 percent of NML's shares and is its largest shareholder and strategic partner.
NML announced Monday a review process for the Heads of Agreement between NML and Tata, which “governs the Feasibility Study of the Taconite Project (TFS) the two companies are currently engaged in,” said NML in a statement.
The Taconite Project consists of the LabMag deposit located in the Province of Newfoundland and Labrador as well as the KeMag deposit located in the Province of Quebec.
“As part of this review, Tata Steel will consider, current or potentially future, participation in NML's recently announced alternative development approach to its taconite properties,” the statement from NML said.
Tata and NML intend to conclude a definitive agreement during the first quarter of 2016.