Tata Steel has formed a Joint Venture with New Millennium Capital Corp. to create Tata Steel Minerals Canada Ltd, focusing on acquiring DSO mining claims in Canada.

Information on the Target

The target of this Joint Venture Agreement (JVA) is Tata Steel Minerals Canada Ltd, a newly incorporated Joint Venture Company (JVC) formed from an agreement signed on November 6, 2009, between Tata Steel’s wholly owned subsidiary, Tata Steel Global Minerals Holdings Pte. Limited, and New Millennium Capital Corp. (NML). This JVC is tasked with acquiring all Direct Shipping Ore (DSO) mining claims along with related assets and will oversee the detailed engineering and construction of necessary facilities as well as the overall operations of the DSO Project. Under the terms of the agreement, Tata Steel will maintain an 80% ownership stake in the JVC, while NML will hold the remaining 20%. Furthermore, NML will be reimbursed for 80% of the DSO Project costs incurred up until the closing date.

The governance structure of the JVC includes Tata Steel appointing four Directors to its Board, which features senior executives including Mr. Partha Sengupta (Vice President, Raw Materials), Mr. Rajesh Sharma (Executive In Charge, Southern Africa), Mr. Dinesh Shastri (General Manager, Global Mineral Resources), and Mr. Sandip Biswas (Group Head Corporate Finance and Treasury). Conversely, NML has appointed Mr. Roy Hudson as their representative on the Board, serving in the role of Secretary and Director of NML.

Industry Overview in Canada

Canada's mining industry is a critical sector of the economy, characterized by its vast mineral resources and a robust regulatory framework. This industry is known for its rich deposits of various minerals, including iron ore, gold, and d