CALGARY—Tata Steel Minerals Canada Ltd., a joint venture between Tata Steel and New Millennium Iron Corp., is investing $12.8-million in a deep water dock in eastern Quebec.
The investment is part of a deal Tata Steel Minerals signed with the Sept-Îles Port Authority that will give the venture access to a minimum of five million metric tons of annual shipping capacity from the new multi-user deep water dock facility to be located in the Bay of Sept-Îles at Pointe Noire.
“Upon completion of the new dock facility (we) will be assured of long-term shipping access to Tata Steel Europe’s plants,” New Millennium president and CEO Dean Journeaux said in a statement. “The new dock will enable (our venture) to reduce costs associated with loading of vessels and shipping to Europe.”
Tata Steel Minerals’ investment is payable in two installments over a one-year period starting when the deal was signed, according to the company.
The docking facility in Phase I is designed to have a total capacity of 50-million metric tons annually and is expected to cost $220-million.
It is being financed by the Port of Sept-Îles, the Government of Canada and commitments from potential end-users.
Construction is expected to be completed by the end of March 2014.