New Millenium to Become Direct Shipping Iron Ore Miner

Kitco reported  New Millennium Iron Corp. (TSX:NML) will be a direct shipping ore producer as well as holding the largest iron ore resource base in Canada.

As quoted in the market news:

Production for the company’s DSO Project, located in northern Quebec near Schefferville and the Labrador, Newfoundland border, is expected to begin in late 2012. Tata Steel Ltd. (BSE: 500470), one of the largest steel makers in the world, is a 27% owner of New Millennium and owns 80% of the DSO project while New Millennium holds the remaining 20%.

The company has two other projects located along the Labrador Trough, a wide iron ore rich geologic belt that is 1,600 kilometers long and 160 kilometers, which extends south from the Ungava Bay in northern Quebec through the province and into Labrador.

Click here to read the full Kitco report.