Reuters.com reports that Nunavut Iron Ore may have to increase their offer for Baffinland Iron Mines (TSX:BIM) in order to beat out ArcelorMittal (NYSE:MT).

The story is quoted as saying:

Nunavut’s current offer values Baffinland at C$570 million ($570 million). Though it’s not a large deal by global standards, it illustrates how competition for raw materials has spread to even the most remote corners of the world.

 To access the full story, click here.