Mining Intelligence and News

NuTac Project

Click for more information



Mine TypeOpen Pit
StatusInactive / Suspended
  • Iron Ore
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotPursuant to the reorganization agreement dated August 5, 2020, between NML and the Tata Steel Group, the shares of NML are expected to delist from the Toronto Stock Exchange (the “TSX”) at the close of business on December 14, 2020, and the Resulting Issuer Shares are expected to begin trading on the NEO Exchange under the symbol “ABXX” on December 18, 2020.


New Millennium Iron Corp. 100 % Direct

Deposit type

  • Banded iron formation


The Property is located in the western margin of the Labrador Trough that extends for more than 1,000 km, from Ungava Bay to Lake Pletipi in Québec. The belt is about 100 km wide in its central part and narrows considerably to the north and south. The Grenville Front crosses the southern part of the Trough. The rocks in the Trough are subdivided into an upper volcanicdominated suite (Doublet Group) and a lower sedimentary sequence (Knob Lake Group) that
includes the Sokoman Formation hosting the iron formations found in the region.

The Sokoman formation is essentially un-deformed, strikes northwest and has a shallow dip to the northeast. The iron formation at KéMag has been explored by diamond drilling over a strike length of 9.5 km and it extends beyond the northwest and southeast Property boundaries.

The KéMag Deposit consists of magnetite Banded Iron Formation (“BIF”) of the Lake Superior
type. BIFs are sedimentary rocks composed of alternating mm- to cm-scale beds of quartz
(chert or jasper) and iron oxides (predominantly magnetite and hematite). Variable amounts of
gangue minerals, mostly silicates and carbonates, are present. BIFs have greater than 15% iron
content and have been the principal sources of iron throughout the world and host many gold
deposits (Gross, 1996).

The taconite at the KéMag Deposit consists mostly of alternating small-scale (mm to cm) bedsof recrystallized chert or jasper and massive or disseminated magnetite. Magnetite is the predominant iron oxide mineral, while hematite and martite occur in subordinate amounts. Gangue minerals are represented by iron silicates (minnesotaite and stilpnomelane), iron carbonate (siderite) and manganese carbonates (rhodochrosite and kutnahorite).



- subscription is required.

Mining Methods


- subscription is required.


Crushers and Mills

Milling equipment has not been reported.



- subscription is required.


CommodityUnitsAvg. AnnualLOM
Iron Ore kt 8,700212,800
All production numbers are expressed as concentrate.

Operational metrics

Annual processing capacity 35 Mt of ore *
Stripping / waste ratio 0.18 *
Waste tonnes, LOM 143.5 Mt *
Ore tonnes mined, LOM 814.5 Mt *
Total tonnes mined, LOM 958.1 Mt *
* According to 2016 study.

Production Costs

Commodity production costs have not been reported.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M CAD  ......  Subscribe
Sustaining CapEx $M CAD  ......  Subscribe
Closure costs $M CAD  ......  Subscribe
Total CapEx $M CAD  ......  Subscribe
OP OpEx $M CAD  ......  Subscribe
Processing OpEx $M CAD 2,481
Total OpEx $M CAD  ......  Subscribe
Net revenue (LOM) $M CAD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M CAD  ......  Subscribe
After-tax Cash Flow (LOM) $M CAD  ......  Subscribe
Pre-tax NPV @ 10% $M CAD  ......  Subscribe
Pre-tax NPV @ 8% $M CAD  ......  Subscribe
After-tax NPV @ 10% $M CAD  ......  Subscribe
After-tax NPV @ 8% $M CAD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Heavy Mobile Equipment

Fleet data has not been reported.

Aerial view:


- subscription is required.