June 4, 2004
What's happening at Mary River?
SARA MINOGUE
This map shows the location of the Mary River iron ore deposit, and an old road
that might one day form the route for a railway line leading to a possible port
at the end of Milne Inlet. (ILLUSTRATION COURTESY OF BAFFINLAND MINING)
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How many people will get jobs this year?
The Baffinland Mining Corp. will hire 18 people from Pond Inlet this year to
work at their Mary River exploration camp this summer in three six-person teams.
Why is Baffinland Mining still exploring for iron ore?
They know there are about 130 million tonnes of iron ore at the site. But
to make the project a profitable business, they need to prove there's at least
250 million tonnes of ore there.
How will the ore be transported?
The company will build a railway line to a port. At the port, giant ships
will pick up the ore and ship it to Europe.
Where will the port be located?
The most likely port site is at the end of Milne Inlet. But the company
will also study the idea of a port at Steensby Inlet, facing the Foxe Basin,
connected to the mine by a railway line.
When would the iron mine start up?
Many years from now. The company must do more mineral exploration, and do
a large number of studies - including a feasibility study to prove that the
mine can make money. They must negotiate an Inuit impact and benefits agreement
with the Qikiqtani Inuit Association, submit the project to an environmental
review, and apply to the government for permits and licences. Eventually, they
must also find investors willing to put hundreds of millions of dollars into
the project to pay for its start-up costs.
One of three old airstrips at the Mary River site, in a photo taken in 1989.
(PHOTO COURTESY OF BAFFINLAND MINING)
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Who owns the land?
Baffinland Mining Corp. owns the mineral exploration leases for the site,
and the land is administered by DIAND. The leases, and access to an old road
leading to Milne Inlet, were "grandfathered" under the Nunavut land
claims agreement. But the area is completely surrounded by Inuit-owned lands.
Where can I get more information?
Baffinland Mining Corp. now trades shares on the stock market - the TSX
Venture Exchange in Toronto. That means the company must make all its technical
and financial information available to the public. You can can find that information
on the world wide Web at www.baffinland.com.
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