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
Swiss nutrition, health and wellness giant Nestle SA reported a slight decline in reported sales for the nine-month period, reflecting divestments and negative currency impact. Organic sales growth was 2.6 percent, supported by improved real internal growth or RIG of 1.8 percent and pricing of 0.8 percent. The company now projects trading operating profit margin to decrease by 40-60 basis points.. While Democrats have largely been critical of the Republican tax reform plan, President Donald Trump has claimed the proposal has some bipartisan support. Trump suggested to reporters ahead of a meeting with members of the Senate Finance Committee on Wednesday that "people on both sides" support the tax reform plan. Healthcare is very expensive in the U.S., in fact among the most expensive in the world by most measures. Health care facilities are largely owned and operated by businesses in the private sector. Most Americans have access to health care, though costs and services vary from state to state. However,...
comments powered by Disqus
Follow RTT