New Millennium Corporation (TSX:MNL) announced that the Canadian National Railway Co. (CN) has stopped the feasibility study for the development of its proposed rail line and handling facility to serve the Labrador Trough.
As quoted in the press release:
NML is a partner in the CN study, as a new rail line is a possible option for transportation to Sept-Îles for NML’s products from the Taconite Project (LabMag and KéMag) and other taconite resources. NML’s base case for product transportation is through a Ferroduct, and does not depend on a new rail line.
Dean Journeaux, President & CEO of NML, said “NML’s Feasibility Study continues on its Taconite Project, in collaboration with Tata Steel. This suspension by CN will have no adverse impact on the Taconite Project.