Breaking News
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade MT now with 

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
This apparel maker has doubled its earnings per share in just two years and increased its annual earnings forecast from time to time, despite a challenging consumer spending environment. Contributions from acquisitions, efficiency gains from self-owned global supply chain and benefits from 'Innovate-to-Elevate' strategy continue to boost the company's results. Here is a quick summary of the earnings reported after the bell on Nov 20. We have 20+ stocks listed here. The good news is you can skip this step. There is a next move that can make your life a lot easier. Our research team has already done the groundwork for you. All these stocks listed... Design software maker Autodesk, Inc. said Thursday after the markets closed that its third quarter profit fell 81% from last year, as higher costs and expenses more than offset an 11% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
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.