Investment in Canadian Iron Projects Accelerates
New Millennium Capital Corporation announced it has closed a private placement with Tata Steel Global Minerals Holdings Pte Ltd. of Singapore receiving $23.5M for a 19.9% interest in the company.
Tata Steel is Asia’s first and India’s largest private sector steel company. Tata Steel Group including Corus is the world’s 6th largest steel producer with a crude steel capacity of 28.1 million tonnes.
Consolidated Thompson Iron Mines Limited recently announced the signing of a letter agreement with Wuhan Iron and Steel (Group) Corporation (“WISCO”), one of China’s largest steel producers, for a strategic investment by WISCO into Consolidated Thompson.
The letter agreement provides for WISCO to make a total investment in CLM of US$240 million for 19.9% of the company, in addition to receiving not less than a 25% interest in a newly incorporated company that is to be established to operate the Bloom Lake mine in Quebec.