Nunavut Iron Ore will increase its interest in Baffinland Iron Mines Corp. from 30% to 50%. It will increase its share of funding for development of Baffinland’s Mary River iron ore project. ArcelorMittal will retain a 50% interest in the project and will also continue to execute the project development and management for the joint venture.

“This has been an excellent month for the Mary River iron ore project. Two important milestones have been achieved. Recently, Minister Duncan announced federal approval of the Mary River iron ore project. Now, with these arrangements, we have secured additional shareholder support for the project,” said Tom Paddon, president and CEO, Baffinland. The arrangements are subject to customary conditions and are expected to be completed early in the New Year.