Tata’s Canada Pact Won’t Yield Quick Gains

Wall Street Journal reports that Tata Steel Limited’s (BOM:500470) shares rose after reports of partnering with Canadian mining company New Millennium Capital Corp. to develop iron-ore reserves in Labrador and Quebec.

The market news is quoted as saying:

Tata Steel, which already owns 27.2% in New Millennium, will initially spend about C$32 million (US$32.9 million) to help the Canadian company determine the feasibility of developing the LabMag and KeMag iron-ore deposits along the Labrador Trough in Canada’s north. The feasibility study should take 18 to 21 months.

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