ArcelorMittal Arctic Ore Mine to Begin Production in Q3

ArcelorMittal’s Canadian iron ore project may begin production as early as third quarter 2014. Last week the Minister of Aboriginal Affairs and Northern Development gave final approval for Baffinland Iron Mines, a 50/50 venture between ArcelorMittal and Nunavut Iron Ore, to commence operations.

The mine is located in the Qikiqtani region of Nunavit, over 300 miles inside the Arctic Circle on the Mary River. The initial $700 million “early revenue phase” of the project is expected to produce 3.5 million tonnes (3.86 million tons) of iron ore annually. The ore will be trucked to Milne Inlet throughout the year to await loading and shipping during the open water season. Construction on the site commenced in Q2 2013