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OTTAWA, TORONTO — The federal government has approved construction of the massive Mary River iron ore project in Nunavut, a move that could jump-start development of the Canadian Arctic.
Once built, Mary River could triple the territory’s annual economic growth rate and provide nearly $5-billion in taxes and royalties to the territory over its 21-year life.
“This is a game-changer for Nunavut and I think it’s very exciting to be a witness and part of the process,” Minister of Aboriginal Affairs and Northern Development, John Duncan, said in an interview Monday.
“We are going to end up with northern infrastructure, including a deep-water port, a road and a railway north of 60, which is pretty exciting,” he said. Construction on the project could begin as early as next July, and the mine could be in production as soon as 2017.
Mary River is owned and operated by Baffinland Iron Mines Corp., a joint venture between ArcelorMittal and Iron Ore Holdings LP that acquired the project together at a time when iron ore prices were at near-record highs.