Tata Steel's Canadian JV acquires Howse iron ore deposit

Tata Steel said its joint venture Tata Steel Minerals Canada has acquired the remaining 49 per cent stake in the Howse iron ore deposit in Canada for close to Rs 25 crore.

Tata Steel Minerals Canada Limited (TSMC), through its subsidiary Howse Minerals Limited today acquired the remaining 49 per cent stake in the Howse iron ore deposit, the company said in a filing to the London Stock Exchange.

Howse Minerals Ltd holds 51% stake in the Howse deposit hand bought the remaining stake for 5 million Canadian Dollar, the firm said.

In September 2013, TSMC entered into an agreement with Labrador Iron Mine Holdings Limited (LIM) for the exploration and development of the Howse iron ore deposit in the Schefferville region of the Labrador Trough in Canada and the current deal is a part of that agreement.

The Howse Deposit has a historical resource of 28 million tonnes at a grade of 58 per cent iron (natural basis).

Tata Steel Minerals Canada Ltd is a 80:20 joint venture betweem Tata Steel Limited and New Millennium Iron Corp.

While, Labrador Iron Mines (LIM) is an iron ore mining, exploration and development company with direct shipping (DSO) iron ore deposits located in the Schefferville/Menihek region of the Labrador Trough in Canada.

Both LIM and TSMC own adjacent direct shipping iron ore deposits in the Province of Newfoundland and Labrador and in the Province of Quebec, near Menihek, Labrador and Schefferville.