Baffinland Iron Mines was little known outside of mining circles until a few months ago, when it became the subject of a four-month takeover battle between No. 1 global steelmaker ArcelorMittal and Nunavut Iron ore, a private-equity backed company formed solely for the purposes of pursuing the bid. At stake is the massive Mary River iron ore deposit in the northern Canadian territory of Nunavut, said to contain enough raw material to supply the needs of all of Europe, an ocean-ride away. The project location, however, has its challenges, located in hostile terrain on Baffin Island, above the Arctic Circle, and development costs are estimated at at least C$4 billion ($4 billion). Following are some facts about the Mary River project:
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