CALGARY, ALBERTA -- (Marketwired) -- 08/16/13 -- New Millennium Iron Corp. ("NML", the "Company" or "Corporation") (TSX: NML)(OTCQX: NWLNF) announced today that Tata Steel Minerals Canada Limited ("TSMC") and the NunatuKavut Community Council ("NCC") signed a Cooperation Agreement for the Direct Shipping Ore ("DSO") Project.
TSMC is a joint venture between Tata Steel Limited and NML, which have 80% and 20% interests, respectively. TSMC is developing iron ore deposits in the Canadian provinces of Quebec and Newfoundland and Labrador. TSMC is part of Tata Steel Group of companies. Tata Steel Group is among the top ten global steel companies with crude steel capacity of over 26.5 million tonnes per annum (mtpa). Tata Steel has over 80,000 employees across five continents and is a Fortune 500 company.
NCC stated in a press release dated August 14, 2013, "NCC is the aboriginal organization representing the Southern Inuit of Labrador. The Southern Inuit of Labrador number approximately 6,000 and have asserted Land Rights to a vast area of Labrador. The aboriginal organization from Labrador and the mining company have been in negotiations for many months to form an agreement that addresses issues of concern for NCC and provides socio-economic benefits to NCC and its people. The agreement covers environmental protection, employment, and business opportunities including financial benefits. It also commits TSMC to make every reasonable effort to ensure that contractors hired to work on the DSO Project also comply with the agreement where warranted."
"Companies know they have to deal with our real concerns," says Todd Russell, NCC President, in the same press release. "This is another indication that we can do so in an air of mutual respect." Russell adds "It's about building right relationships, and this agreement will work to achieve just that."
Rajesh Sharma, Chief Executive Officer & Managing Director of TSMC, said, "We are very happy to sign this agreement with NunatuKavut Community Council, which attests our desire to continue building positive relations with the communities. This is in line with the Tata Group's philosophy of considering the community as an integral part of its business. The signing of this agreement is an important milestone in the journey of TSMC."
Dean Journeaux, President and Chief Executive Officer of NML, said, "NML is happy to see that TSMC has made this agreement with NCC. It is a continuation of the many steps that contribute to achieving NML's stated vision and goal of further developing and benefitting the people living in its project areas. The Millennium Iron Range projects will benefit from the availability of qualified local people for operating and management roles."
About New Millennium
The Corporation controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds one of the world's largest undeveloped magnetic iron ore deposits. In the same area, the Corporation and Tata Steel Limited ("Tata Steel"), one of the largest steel producers in the world, have advanced a direct shipping ore project ("DSO Project") to the production stage, from which commercial sales will soon begin. Tata Steel Limited owns approximately 26.3% of New Millennium and is the Corporation's largest shareholder and strategic partner.
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