Tata Steel inked pact with Canada’s Labrador Iron Mines

Tata Steel has entered into a strategic pact worth C$30 million with Labrador Iron Mines Holdings and the agreement includes transfer of 51 per cent stake in one of the deposits owned by the Canadian entity to it.
“Tata Steel through its subsidiary Tata Steel Minerals Canada Limited (TSMC), entered into a framework arrangement with Labrador Iron Mines Holdings Limited (LIM) to establish a strategic relationship between TSMC and LIM whereby the two companies have agreed to co-operate with each other in various aspects of their respective iron ore operations in the Labrador Trough,” a company statement said.
The Labrador Trough is a 1,100-km long, 160-km wide iron ore bed in the Labrador-Quebec region in Canada. The trough has delivered more than 2 billion tonnes of ore in last 50 years and has attracted mining investments of $15 billion. It is estimated that the annual iron ore production of this region would increase from current 35 million tonnes to about 65 million tonnes by 2015.

15