Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

ArcelorMittal, Nunavut Iron Ore To Hold 50% Stake Each In Baffinland

RELATED NEWS
Trade MT now with 
12/13/2012 11:49 PM ET

Steel giant ArcelorMittal (MT: Quote), Nunavut Iron Ore, Inc., a unit of Iron Ore Holdings, LP and a company in The Energy and Minerals Group, have agreed that Nunavut would increase its interest in Baffinland Iron Mines Corp. (Baffinland) from 30 percent to 50 percent.

In consideration, Nunavut will increase its share of funding for development of Baffinland's Mary River Iron Ore Project.

ArcelorMittal will retain a 50 percent interest in the project as well as operator and marketing rights. The Group will also continue to execute the project development and management for the joint venture.

The arrangements are expected to be completed early next year. The firms remain committed to advancing the development of the Mary River Iron Ore Project.

MT fell 0.3 percent on Thursday to close at $16.47.

Click here to receive FREE breaking news email alerts for Arcelor Mittal and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Growth in Philadelphia-area manufacturing activity has accelerated by much more than anticipated in the month of April, according to the results of the Federal Reserve Bank of Philadelphia's Business Outlook Survey released on Thursday. The Philly Fed said its diffusion index of current activity climbed to 16.6 in April from 9.0 in March, with a positive reading indicating growth. After moving notably higher over the past few sessions, stocks are turning in a lackluster performance in morning trading on Thursday. The major averages have been showing modest moves, holding close to the unchanged line. After reporting initial jobless claims at their lowest level in almost seven years in the previous week, the Labor Department released a report on Thursday showing that claims rebounded slightly in the week ended April 12th. The Labor Department said initial jobless claims inched up to 304,000, an increase of 2,000 from the previous week's revised level of 302,000.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.