ArcelorMittal holds enough ore in Arctic to feed smelters for decades

The Finnish icebreaker pushes down sea ice as it traverses the Arctics Northwest Passage through the Canadian Arctic Archipelago. Photo: PixaBay

The Arctic stretches from the North Pole to roughly the 66th parallel north, an area of about 20 million square kilometres of freezing seas and tree-less lands.

Yet beneath the forbidding surface of the world's fifth largest island ,The Baffinland. a vast treasure in the shape of an exceptionally pure strain of iron ore. The Baffinland mine, part-owned by a local company and ArcelorMittal, one of the world's biggest steel producers, is believed to hold enough ore to feed smelters for decades.

Canada, meanwhile, contends that the waters of the Arctic archipelago — an area about twice the size of Texas — are its internal waters. To support its claim, Canada has been stepping up its activities in the region, including creating a new Arctic research centre and developing autonomous submarines to improve underwater charts. It has also been conducting search and rescue exercises in anticipation of growing ship traffic in the Northwest Passage.

Preparations for Nordica's journey included registering with Canadian authorities, who closely monitor traffic in the Northwest Passage to ensure compliance with environmental rules. Fewer than 500 ships have sailed through the passage since the first transit in 1906.

Canada's claim to the waters of the Arctic archipelago is contested by the United States, mainly due to concerns that it could set a precedent other, less friendly nations might follow.

Source: TheSpec