Tata Steel informed the Bombay Stock Exchange on January 20, 2016 that TS Global Minerals Holdings Pte Ltd, a wholly-owned subsidiary of Tata Steel Limited, has entered into an in-principle agreement with the Quebec government regarding direct shipping ore project (DSO project) in Schefferville.
The agreement was announced by Philippe Couillard, Premier of Quebec, along with Jacques Daoust, Minister of the Economy, Innovation and Exports, during the World Economic Forum in Davos.
Both parties have also agreed to cooperate in creating favorable conditions in the transit of iron ore, the main raw material for manufacturing steel, from Arnaud Junction to the multi-user dock at Port of Sept-Iles.
Tata Steel, through its subsidiary Tata Steel Minerals Canada, is completing a direct shipping ore project in Schefferville, in which the company has invested more than C$1 billion. The company plans to develop its DSO deposits in Quebec with the Government of Quebec.
Koushik Chatterjee, Group Executive Director (F&C), Tata Steel, said: “We are pleased to explore opportunities to collaborate with the government of Quebec in this challenging time for the mining industry. Tata Steel continues to contribute to the communities in Schefferville region and also enjoys a positive relationship with the government and other stakeholders in Quebec.”
Source: ISMW