Baffinland Iron Mines Corporation (Baffinland), owned 70% by ArcelorMittal and 30% by Iron Ore Holdings LP, is focused on the exploration and development of its Mary River Property, which consists of nine plus high-grade lump and fine iron ore deposits that can be mined, crushed and screened into saleable products, located in the Qikiqtani Region of Nunavut on Baffin Island.
The Mary River Project is one of the largest mining developments currently planned in Canada, and by far the most significant development ever planned above the Arctic Circle. The Project is predicted to deliver significant revenues through income tax payment to the Government of Nunavut and to Nunavut Tunngavik Inc. (“NTI”). As the Mary River Property is located on Inuit Owned Land (“IOL”) but is grandfathered under the Nunavat Land Claims Agreement, the NTI will receive the Nunavut Mining Royalty payable under the Northwest Territories and Nunavut Mining Regulations (formerly the Canadian Mining Regulations). Additional revenues will be payable to the Qikiqtani Inuit Association (QIA) through a negotiated Impacts and Benefits Agreement (IIBA)
In June, 2011, Baffinland named former Vale Newfoundland and Labrador GM, Tom Paddon, as its new President and Chief Executive Officer (“CEO”). Senior Management has been further strengthened with the recent addition of a Vice President, Sustainable Development Health, Safety & Environment, a Vice President, Operations and more recently a Chief Financial Officer.
Baffinland’s mission is to responsibly discover and develop resource opportunities in Canada’s Arctic and to champion a workplace culture that sets globally recognized standards in Sustainability, Quality and Leadership. The company is committed throughout all phases of the Mary River Project to plan and conduct operations in a safe and environmentally responsible manner, one that is beneficial to all.
Update on the Mary River Project Last updated on December 5, 2011