Tata Steel Minerals Canada secures $133M for project

WCN Editorial Team 28 Jul 2016 NORTH AMERICA BUILDINGS

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.

* For more information on the Canada construction market, visit the Construction Intelligence Center Report Store.

With 11 websites and newsletters covering all the key areas within the construction industry, World Construction Industry Network is the leading global construction information resource. READ ABOUT US
PRIVACY POLICY

STAY IN TOUCH!

LATEST TWEETS

World Construction Network | www.worldconstructionnetwork.com is a product of GlobalData. Copyright © 2020 GlobalData. All rights reserved.