Global steelmaker ArcelorMittal has announced that it will sell a 20 percent stake in the Mary River iron ore project in northern Canada to Nunavut Iron Ore, Inc.
Accordingly, ArcelorMittal will have a 50 percent shareholding in Baffinland Iron Mines Corporation (Baffinland) which owns the mine, while Nunavut Iron Ore will increase its shareholding from 30 percent to 50 percent. Therefore, Nunavut Iron Ore will increase its share of funding for development of the project.
The arrangements are subject to customary conditions and are expected to be completed early in the coming year.