Tata Steel announces equity partnership for its Canadian Iron Ore Mines

 

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Jamshedpur, 29th October-2016 :

Tata Steel Minerals Canada together with its parent companies signed Definitive Agreements for concluding investments of C$ 125 million as Equity and C$ 50 million as Debt with Government of Quebec’s investment entities, Resources Quebec (RQ) and Investment Quebec (IQ) respectively, totaling C$ 175 million. Tata Steel has invested in Eastern Canada to set up mining operations across several deposits straddled across the Quebec-Newfoundland and Labrador- peninsula and multiple processing facilities including a state-of-the-art beneficiation plant.The investment will result in an 18% equity stake for Resources Quebec in Tata Steel Minerals Canada in line with the carrying value of the investment in Canadian iron ore assets for Tata Steel. Consequently, the shareholdings of Tata Steel and New Millennium Iron will be adjusted to 77.68% and 4.32% respectively. whatsapp-image-2016-09-21-at-11-19-53-am

 

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Sneha Sharma ,Intern Editor at Tatanagar Live, B.A (Journalism) Garden City College Bangalore.(pursuing).