Canadian iron ore development company New Millennium Iron Corp.
was in the red in the second quarter due to general and
administrative expenses and fees.
Alberta-based company posted a net loss of Canadian $2.24
million ($2.17 million) for the three months ended June 30
compared with a C$1.59-million loss in the same period last
year, according to a financial results statement.
The company said its
direct shipping ore (DSO) project in Schefferville, Quebec,
which is operated by 20-percent-owner Tata Steel Minerals
Canada Ltd. (TSMC), is making progress in the construction of
an iron ore processing plant and ancillary facilities.
TSMC has signed a deal
to sell its iron ore output to Iron Ore Co. of Canada, which
will allow it to start shipment of material this year.
New Millennium owns
the remaining 80 percent of the DSO project, which produced
300,000 tonnes of iron ore in 2012 and is expected to produce
between 1 million and 2 million tonnes this year and 4 million
tonnes in 2014.
A version of this article was first published by AMM sister
publication Steel First.