Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Tata Steel has cut down on iron ore mining operations as well as stabilisation measures at its plant in Canada due to “challenging conditions” in steel and ore markets, a move that will impact jobs.
The scaling down is taking place at Tata Steel Minerals Canada’s (TSMC) Direct Shipping Ore (DSO) project involving mining, crushing, washing, screening and shipping the sinter fines and pellet fines to Tata Steel’s European steel making facilities.
TSMC is a joint venture between Tata Steel and the Alberta-based New Millennium Iron Corporation (NML) with the steelmaker being the majority partner with 94 per cent stake. It is developing iron ore deposits in Quebec and Newfoundland and Labrador in Canada.
