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Tata Steel Receives Contribution for Investment Project
Tata Steel has said that it has been awarded a government financial contribution of C D 175 million to Tata Steel Minerals Canada to support the achievement at Schefferville of a direct shipping iron ore project (DSO project) in which Tata Steel Group has invested an amount in excess of C D1 billion.
The financial contribution includes equity stake of USD 125 million through the Capital Mining Hydrocarbons Fund and a loan of USD 50 million from Investissement Québec, acting as an agent of the Government.
Commenting on the development, Deputy Premier Lise Thériault said, "The support for this important project confirms our commitment to stimulate the growth of the Quebec mining industry, particularly in the Northern parts of Quebec, and encourage the responsible exploitation of our resources.
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