New Millenium Iron and Tata Steel Minerals Canada sign rail transport agreement

New Millennium Iron, based in Montreal, Canada, together with its joint venture Tata Steel Minerals Canada (TSMC), the Iron Ore Company of Canada subsidiary Quebec North Shore and Labrador Railway Company Inc. (QNS & L) announced that it has signed a rail transport and wagon rental agreement. The agreement will provide transportation of iron ore to be used in TSMC's direct ore shipments project between Newfoundland and Labrador and Arnaud Junction in Quebec. The wagons to be used in transportation are TSMC, while the locomotives are Quebec North Shore and Labrador Railway Company Inc. will supply.

Dean Journeaux, president and CEO of New Millenium Iron, said that new agreements are important for the transportation of iron ore within the scope of Tata Steel Europe's project, and that these agreements have reduced both the costs of the TSMC and the uncertainty about transportation.

Source: Steelorbis

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