Tata Steel formed a joint venture with New Millennium Capital Corporation to carry out iron ore mining operations in Canada. New Millenium controls the Millenium Iron Range, a large undeveloped magnetic iron ore deposit located in Newfoundland and Labrador and Quebec. The joint venture company, Tata Steel Minerals Canada will produce 4 million tons of iron ore products per year from 2012 to be shipped to Tata Steel Europe. Tata Steel Global Minerals Holdings has an 80% stake in the JV company while New Millennium holds 20%. The new company will acquire all of the mining claims and related assets from the direct shipping ore (DSO) project located in Newfoundland, Labrador and Quebec. It will also be responsible for carrying out detailed engineering and construction of facilities as well as the operation of the DSO project. The project contains 64.1 million tons of mineral reserves. Four Directors have been appointed to the JVC Board by Tata, as per the JV agreement. The board of directors will include Partha Sengupta, Vice-President, Raw Materials, Tata Steel, and a Director of NML; Mr Rajesh Sharma, Executive In Charge, Southern Africa, Tata Steel; Mr Dinesh Shastri, General Manager, Global Mineral Resources, Tata Steel, and Mr Sandip Biswas, Group Head Corporate Finance and Treasury, Tata Steel. NML has appointed a Director, Mr Roy Hudson, who is also a secretary and a Director of NML.