logo
Share SHARE
FONT-SIZE Plus   Neg

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

Steel giant ArcelorMittal (MT), 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Catabasis' phase II trial of Edasalonexent in boys affected by Duchenne muscular dystrophy is ongoing, and top-line results are anticipated in the first half of Q1 2017. American Express Co. (AXP) Thursday reported a drop in fourth-quarter profit, as revenues declined 4 percent due to absence of Costco portfolio while provisions for bad loans and marketing costs increased. Earnings fell short of Wall Street estimates, while revenues trumped expectations. New York-based... Home improvement retailer Lowe's Companies Inc. (LOW) has reportedly informed about 2,400 employees that they will be laid off. The majority of the lay offs are at the store level, while other affected positions are at distribution centers, contact centers and at the company's corporate office in...
comments powered by Disqus
Follow RTT