According to Canadian mining company Baffinland Iron Mines Corporation, the company has reached an important milestone in its Mary River project after completing consultations with the Inuit, who are supporting the issuance of all key regulatory approvals required to begin construction of the Steensby component.
The company added that construction is expected to begin later in 2026, subject to final financing and construction arrangements, with substantial completion scheduled approximately three years after that.
Baffinland stated that the Steensby component includes the construction of a new seaport facility at Steensby Inlet and a railroad connecting the Mary River mine to the port of Steensby. It is expected that after the construction is completed, the new logistics corridor will change the operational profile of the project.
According to the miner, the development of the Steensby field will increase annual production on the Mary River from about 4.2 million tons to 22 million tons over about four years. The high-grade iron ore will be transported by rail to the new deepwater port at Stinsby Bay, replacing long-haul freight services to the port of Milne.
Baffinland emphasized that the transition to rail logistics will significantly reduce production costs and environmental impact, as well as optimize the shipping season to support competitive shipments to global markets.
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