Amid the controversy around the ouster of Tata Sons Chairman, Cyrus Mistry, Tata Steel Minerals Canada has announced that it has decided to invest C$125 million as equity and C$50 million as debt with the Government of Quebec’s investment entities, Resources Quebec (RQ) and Investment Quebec (IQ) respectively, totaling C$175 million.
This is to set up mining operations across Quebec-Newfoundland and Labrador Peninsula and multiple processing facilities, including a beneficiation plant.
Tata Steel Minerals Canada is a joint venture established in October 2010 by the Indian firm and New Millennium Iron Corp, with the former owning 94 per cent.
“The project has consequently enabled the development of infrastructure facilities, including rail, roads, telecommunications and port, that has had significant positive impact on the socio-economic landscape in Quebec, Newfoundland and Labrador,” Tata Steel added.
Tata Steel Group Executive Director (Finance and Corporate) Koushik Chatterjee said: “This investment signals the Government of Quebec’s co-operation in supporting sustainable development in line with the objectives of its Plan Nord Initiative.”
The company is confident that the Quebec Government’s investment will facilitate the implementation of Tata Steel Mineral Canada’s future plans of ramping up production, improving cost competitiveness and the development of the mineral deposits in Quebec.
Tata Steel stock was trading 1.44 per cent higher at Rs 402.80 on BSE.