Baffinland Gets Greenlight for Mary River Iron Project
September 15 2012 - 3:41PM
Dow Jones News
By Evelyn Juan
TORONTO--The Nunavut Impact Review Board has granted Baffinland
Iron Mines Corp. the greenlight to proceed with its
multibillion-dollar Mary River iron-ore mine project, ending the
Toronto mining company's four-year effort to seek approval for the
one of the largest mining developments planned in Canada.
In a decision released late Friday, the Nunavut environmental
assessment agency outlined 184 terms and conditions for Baffinland
Iron Mines to address potential environmental hazards and adverse
socioeconomic effects of its proposed iron-ore mine project along
the Mary River deposit on North Baffin Island in the Qikqtani
Region of Nunavut.
The Mary River project, expected to have a mine life of more
than 20 years, is estimated to generate between 18 and 30 million
tons of iron ore a year. Baffinland, 70% owned by ArcelorMittal
(MT) and 30% by Iron Ore Holdings (IOH.AU), is expected to build a
railway and ice-breaking ore carriers for the project. A spokesman
for Baffinland couldn't be immediately reached for comment.
Write to Evelyn Juan at evelyn.juan@dowjones.com
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