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CEO says Northwest Passage Too Shallow to Ship Iron Ore
Oct. 18, 2013 01:36PM PST
Base Metals Investing The CEO of Baffinland Iron Mines Corp says the Northwest Passage will not work as a shipping route to Europe and Asia, The Globe and Mail reported.
The CEO of Baffinland Iron Mines Corp says the Northwest Passage will not work as a shipping route to Europe and Asia, The Globe and Mail reported.
As quoted in the market news:
Baffinland Iron Mines Corp., which is owned by steel giant ArcelorMittal and private equity firm Iron Ore Holdings LP, is building one of the largest iron ore mines in the world on Baffin Island in Nunavut. The $750-million Mary River mine is on track to open in 2015 and the ore will be shipped to Europe.