According to Canada-based miner Baffinland Iron Mines Corporation, the company has reached a major milestone at its Mary River Project after completing Inuit consultations that support the issuance of all key regulatory authorizations required to begin construction of the Steensby Component.
The company added that construction is expected to begin later in 2026, subject to final financing and construction arrangements, with substantial completion targeted roughly three years thereafter.
Baffinland stated that the Steensby Component comprises the construction of a new marine port facility at Steensby Inlet and a railway connecting the Mary River mine to Steensby Port. Once completed, the new logistics corridor is expected to transform the project’s operating profile.
According to the miner, the Steensby development will allow annual production at Mary River to increase from approximately 4.2 million mt to 22 million mt within around four years. High-grade iron ore will be transported by rail to a new deepwater port at Steensby Inlet, replacing long-haul trucking to Milne Port.
Baffinland emphasized that the shift to rail-to-port logistics is expected to significantly reduce production costs and environmental impacts, while also optimizing the shipping season to support competitive deliveries to global markets.