ArcelorMittal gets nod for Arctic iron ore venture

Facing hurdles in France, Luxembourg-based ArcelorMittal on Tuesday got the green signal from Canada for its multi-billion dollar project to develop one of the world's largest iron-ore mines in Baffin Island in the Arctic region.

The local Nunavut Impact Review Board gave its final clearance to the project under which ArcelorMittal-led consortium will begin construction of the new iron-mine close to the Arctic Ocean.

ArcelorMittal acquired the Mary River deposit in the Canadian Arctic last year in a US $567.61 million deal as part of its new thrust to reach its long-term goal of nearly doubling its iron ore production, reducing dependence on miners such as Vale SA, Rio Tinto and BHP Billiton.

ArcelorMittal will hold seventy per cent stake in the Arctic venture with the rest to be shared by Australia's Iron Ore Holdings LP.

Posco in talks for ArcelorMittal mine stake

South Korean steelmaker Posco has secured exclusive negotiating rights to acquire a stake in a Canadian iron ore mine operator controlled by steel major ArcelorMittal, a source who has knowledge of the matter said on Tuesday.

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