NEW YORK Canadian iron
ore development company New Millennium Iron Corp. posted a net
loss of $2.2 million in the fourth quarter of 2012, a sharp
reversal from net income of $28.6 million in the same period a
The Calgary, Alberta-based
company also posted a net loss of $9.1 million for the full
year vs. net income of $21.1 million in 2011.
New Millennium said it is still
forging ahead with three major iron ore projects. Two of the
projects are being developed with Indias Tata Steel Ltd.,
New Millenniums strategic partner, which also holds 26.3
percent of its shares.
The company has started the
initial strip mining, crushing and screening of saleable ore at
its direct-shipping ore project (DSO) in Schefferville, Quebec,
which contains 64.1 million tonnes of proven and probable
mineral reserves. The DSO project is being developed as part of
a joint venture with Tata Steel Minerals Canada Ltd., in which
New Millennium owns 20 percent.
The project is being operated by
Tata Steel Minerals Canada, which is arranging financing for as
much as 80 percent of the project; such costs could reach $300
New Millennium also is in the
process of designing and engineering a pellet plant in
collaboration with Finland-based Outotech Oyj for its taconite
project, which includes its LabMag deposit in Newfoundland and
Labrador and its KeMag deposit in Quebec.
The company is seeking
additional strategic partnerships for its third iron ore
project, in the Millennium Iron Range in Newfoundland and
Labrador. It said it continues to focus on exploration drilling
at its Perault Lake, Sheps Lake, Howells Lake and KeMag East
A version of this article was first published by AMM sister
publication Steel First.