Montreal, Canada-based New Millennium Iron announced Monday that it, along with its joint venture partner Tata Steel Minerals Canada (TSMC), has entered into a "life of mine" Confidential Rail Transportation Contract and Locomotive Rental Agreement with Quebec North Shore and Labrador Railway Company Inc.(QNS&L), a subsidiary of Iron Ore Company of Canada. The deal allows for the transportation of iron ore products from the Direct Shipping Ore Project--which is owned by TSMC--in Newfoundland and Labrador to Arnaud Junction in Quebec. The railcars for the transport of iron ore will be provided by TSMC while the locomotives will be provided by Quebec North Shore and Labrador Railway Company Inc.
Dean Journeaux, President and CEO of New Millennium Iron, said: "These new agreements are an important step in the logistics process of delivering iron ore products to Tata Steel Europe for ‘life of mine,' expected to be 15 years or more, and provide cost and transport certainty to TSMC over the QNS&L railway for the future."