Lakshmi Mittal, owner of global steel giant ArcelorMittal, said that he intends to build a massive open cut iron ore mine, worth a potential $21 billion, in the Arctic Circle. Mr. Mittal said he wants to benefit from a raw material whose value has doubled due to increasing demand from China and India. The project will include the construction of a 150 km railway and two new ports in the region, as the UK-based Guardian newspaper reports.
The project will employ more than 2,000 workers to construct 24 bridges, roads, airstrips, ports and infrastructure. The railway is predicted to take four years to build.
ArcelorMittal stated that the project is currently in the environmental assessment process during which NGOs, governments and individuals are invited to review the plans.
The World Wildlife Fund (WWF) wants to ensure that the project is developed sensitively in terms of preserving native animal species. While the WWF has demanded that ArcelorMittal proceed with extreme caution in the mine's development, it is not completely against the mine's construction.