Canada approves massive Arctic iron ore mine

Canada, hoping to spur economic development of its far north, has approved the construction of a massive iron ore mine in the Arctic territory of Nunavut that could help top steelmaker ArcelorMittal reduce its dependence on outside suppliers.

The open-pit Mary River project on remote Baffin Island was approved on Monday by the Minister of Aboriginal Affairs and Northern Development, based on the recommendation of the Nunavut Impact Review Board.

“It’s a game changer for Nunavut and particularly for Baffin Island,” said Minister John Duncan.

via Business feed http://www.scmp.com/business/companies/article/1097176/canada-approves-massive-arctic-iron-ore-mine