NEW YORK 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.
The Calgary, 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.