Natural Resources
May 20, 2015

The following statement was given today in the House of Assembly by the Honourable Derrick Dalley, Minister of Natural Resources:

Tata Steel Minerals Canada Constructs New Mining Project in Labrador

Mr. Speaker, I rise in this Honourable House to recognize the work of Tata Steel Minerals Canada and their new mining project in Labrador. I am delighted that representatives from the company could join us today - Rajesh Sharma, CEO, Praveen Jha, Vice President of Operations, and Cathy Dornan, Chief Resident Executive.

Tata Steel is a Fortune 500 company and one of the top 10 steel companies in the world with over 80,000 employees worldwide. Tata Steel and Tata Steel Minerals Canada are part of the Tata Group - a global enterprise headquartered in India with operations in more than 100 countries across six continents.

For the last three years, Tata Steel Minerals Canada has been constructing a new iron ore mine in Labrador's northern Menihek region which will be fully operational by late 2015. The high-grade iron ore will be processed locally before being shipped directly to Tata Steel plants in Europe.

This project represents a $1 billion investment in the Labrador Trough and is employing 500 people in Labrador during the construction phase. Approximately 300 to 350 people will be employed during long-term operations currently estimated to last at least 15 years.

Despite challenging iron ore markets, Tata Steel Minerals Canada is committed to this project and to its investment in the province. As well, there is potential for the company to further develop resources in the Labrador Trough through their partner New Millennium Iron.

Mr. Speaker, Newfoundland and Labrador continues to be ranked in the top 10 of the most attractive jurisdictions worldwide for mineral exploration investment in the Fraser Institute of Canada's International Mining Survey.

Our province has a proven record of discovery and we are home to the development of major world-class deposits. We are known globally as a mining-friendly competitive jurisdiction with a stable royalty regime and a fair and streamlined regulatory environment.

The people working within the iron ore industry in Newfoundland and Labrador are determined, resilient, and hard working. I applaud the efforts of Tata Steel Minerals Canada, and of all our industry partners, in providing such a valuable contribution to our province. We will continue to work together to secure a solid future for mining in Newfoundland and Labrador. Thank you.

2015 05 20                              2:25 p.m.