MT Arcelor Mittal New

   By Evelyn Juan 
 

TORONTO--The Nunavut Impact Review Board has granted Baffinland Iron Mines Corp. the greenlight to proceed with its multibillion-dollar Mary River iron-ore mine project, ending the Toronto mining company's four-year effort to seek approval for the one of the largest mining developments planned in Canada.

In a decision released late Friday, the Nunavut environmental assessment agency outlined 184 terms and conditions for Baffinland Iron Mines to address potential environmental hazards and adverse socioeconomic effects of its proposed iron-ore mine project along the Mary River deposit on North Baffin Island in the Qikqtani Region of Nunavut.

The Mary River project, expected to have a mine life of more than 20 years, is estimated to generate between 18 and 30 million tons of iron ore a year. Baffinland, 70% owned by ArcelorMittal (MT) and 30% by Iron Ore Holdings (IOH.AU), is expected to build a railway and ice-breaking ore carriers for the project. A spokesman for Baffinland couldn't be immediately reached for comment.

Write to Evelyn Juan at evelyn.juan@dowjones.com

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