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.
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by RTT Staff Writer
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