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.
Closely following the CAD$4.9 billion Cliffs-Consolidated Thompson deal earlier this year, Canadian iron ore company New Millenium Capital Corp. has teamed up with Tata Steel Ltd. for a huge iron ore project, The Financial Post reported:
With a giant Indian steelmaker providing the cash, New Millennium Capital Corp. is preparing to develop what it thinks will be the largest mine in Canadian history.
Following months of due diligence, Montreal-based New Millennium unveiled a joint venture with Tata Steel Ltd. on Monday that will guide financing and construction of its mammoth Taconite iron ore project in Labrador and Quebec.
“For New Millennium, this deal is the real company-maker,” chief executive Robert Martin said in an interview. “This is the big one for us.”
