About Tata Steel Minerals Canada LimitedTata Steel Minerals Canada Limited (TSMC) is a joint venture established in October 2010 by Tata Steel Ltd. and New Millennium Iron Corp. (TSX: NML). Tata Steel owns 80% and NML owns 20% stake in TSMC. TSMC is part of the Tata Steel Group of companies which is a Fortune 500 company and is among the top 10 producers of steel in the world. The Tata Steel group has over 80,000 employees spread over 5 continents. TSMC is developing iron ore deposits in Quebec and Newfoundland & Labrador in Canada.TSMC is currently engaged in two main activities: DSO ProjectTSMC is developing the Direct Shipping Ore (DSO) project which involves mining, crushing, washing, screening and shipping the sinter fines and pellet fines to Tata Steel's European steel making facilities. Taconite ProjectTSMC is also involved with New Millennium Iron Corp. in undertaking a Feasibility Study of the LabMag and KeMag iron ore deposits which form a part of the 150-km long Millennium Iron Range in northern Canada. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Genesee & Wyoming's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K for the most recently ended fiscal year.
Genesee & Wyoming Inc. (GWI) (NYSE: GWR) announced today that GWI and a newly formed GWI subsidiary, KeRail Inc. (KeRail), have entered into a long-term agreement with Tata Steel Minerals Canada Ltd. (TSMC) for KeRail to provide rail transportation services to the 4.2 million tons per annum direct shipping iron ore mine TSMC is developing near Schefferville, Quebec in the Labrador Trough (the Mine). In addition, KeRail will construct an approximately 21-kilometer rail line (Rail Line) that will connect TSMC’s mine to the Tshiuetin Rail Transportation (TSH) interchange point in Schefferville. Operated as part of GWI's Canada Region, KeRail will haul unit trains of iron ore from its rail connection with the Mine that will then travel over three privately owned railways to the Port of Sept-Iles for export primarily to Tata Steel’s European operations. The agreement and construction is contingent on certain conditions being met, including the receipt of necessary governmental permits and approvals. Once the track construction has commenced, which is anticipated in the third or fourth quarter of 2012, the Rail Line is expected to be completed three to six months thereafter. The new contract with TSMC will further expand GWI’s operating presence in the Labrador Trough where GWI subsidiary Western Labrador Rail Services currently provides rail services to both Cliffs Natural Resources Inc. (NYSE: CLF) and Labrador Iron Mines Holdings Limited (TSE: LIM). About GWIGWI owns and operates short line and regional freight railroads and provides railcar switching services in the United States, Australia, Canada, the Netherlands and Belgium. In addition, we operate the Tarcoola to Darwin rail line, which links the Port of Darwin to the Australian interstate rail network in South Australia. Operations currently include 66 railroads organized in 10 regions, with more than 7,600 miles of owned and leased track and approximately 1,400 additional miles under track access arrangements. We provide rail service at 17 ports in North America and Europe and perform contract coal loading and railcar switching for industrial customers.