Tata Steel Minerals Canada (TSMC) has secured CAD175M ($133M) in financing from the government of Quebec, Canada to support the implementation of a direct shipping iron ore project (DSO project) in Schefferville.
The financial contribution includes equity stake of CAD125M ($94.7M) through the Capital Mining Hydrocarbons Fund and a loan of $50M ($37.8M) from Investissement Québec, acting as an agent of the government.
Quebec’s deputy premier Lise Thériault said: "The support for this important project confirms our commitment to stimulate the growth of the Quebec mining industry, particularly in the Northern parts of Quebec, and encourage the responsible exploitation of our resources.
"In addition, this project will have significant benefits for our economy, creating up to 550 quality jobs in Quebec."
TSMC has invested more than CAD1bn ($758M) in the project.
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