TORONTO (Reuters) – A majority of Baffinland Iron Mines (BIM.TO: Quote, Profile, Research, Stock Buzz) shares have been tendered to a C$590 million ($596 million) takeover bid by ArcelorMittal (ISPA.AS: Quote, Profile, Research, Stock Buzz), all but clinching the No. 1 global steelmaker’s acquisition of a giant Arctic iron ore deposit.

Luxembourg-based Arcelor said on Tuesday shareholders representing 61 percent of Baffinland shares tendered to the bid, and that it had extended the C$1.50-a-share offer until February 4 so shareholders who have not yet tendered can do so.

TORONTO, Jan 24 (Reuters) – The difficult job of
constructing Baffinland Iron Mines (BIM.TO: Quote, Profile, Research, Stock Buzz) vast iron ore
project in the harsh conditions of the Canadian Arctic could
begin in early 2013, the company says.

Baffinland said late on Friday that it has submitted a
draft environmental impact study to the Nunavut territorial
government for its Mary River project on Baffin Island and that
it expects to complete the full environmental assessment and
permitting process by early 2013.

TORONTO (Reuters) – Baffinland Iron Mines (BIM.TO: Quote, Profile, Research, Stock Buzz) investors have all but given up hope that the Canadian Arctic iron explorer will attract a second suitor, with the deadline on an existing, C$590 million ($593 million) bid only days away.

Shares of Baffinland have receded to within a penny of the C$1.50 offered last week under a joint bid by ArcelorMittal (ISPA.AS: Quote, Profile, Research, Stock Buzz) and Nunavut Iron. In the days before the joint bid, the stock had been trading as high as C$1.58.

TORONTO (Reuters) – Developing Canada’s Mary River iron ore deposit, a rich reserve that could supply Europe for years, will test the boundaries of working in the Arctic and could herald the future of global mining.

It has taken 47 years, near-record iron ore prices and a bidding war to get the project to a point where developing a working mine seems like a legitimate possibility.

TORONTO, Jan 18 (Reuters) – Developing Canada’s Mary River
iron ore deposit, a rich reserve that could supply Europe for
years, will test the boundaries of working in the Arctic and
could herald the future of global mining.

It has taken 47 years, near-record iron ore prices and a
bidding war to get the project to a point where developing a
working mine seems like a legitimate possibility.

TORONTO, Jan 14 (Reuters) – Trucking iron ore from
Baffinland’s (BIM.TO: Quote, Profile, Research, Stock Buzz) Arctic mine instead of moving it by rail
would cost much less at first, but the over-the-road option
would slash output and cause operating costs to balloon.

According to a feasibility study released late Thursday,
trucking ore from the huge Mary River mine to a coastal port
would cost about C$740 million ($744.7 million) compared with
C$4 billion to use a railway system.