Tata Steel Minerals Canada (TSMC), through its subsidiary Howse Minerals today acquired the remaining 49% stake in the Howse iron ore deposit by exercising its rights under the terms of the joint venture agreemtn entered in September 2013 with Labrador Iron Mine Holdings (LIM) for the exploration and development of the Howse iron ore deposit in the Schefferville region of the Labradon Trough in Canada.
Howse Minerals which held 51% interest in the Howse Deposit has acquired the remaining 49% participating interest for CUSD 5 million. The Howse Deposit has a historical resource of 28 million tonnes at a grade of 58% Fe (natural basis).
Shares of the company gained Rs 7.15, or 2.26%, to settle at Rs 324. The total volume of shares traded was 650,669 at the BSE (Wednesday).