ATCO taking a 40% stake in company building Nunavut’s Grays Bay Road and Port
CBC
ATCO Ltd. says it's taking a 40 per cent ownership stake in the company building the Grays Bay Road and Port project.
In a news release Monday, the Calgary-based company said it is providing approximately $10 million of staged investment in West Kitikmeot Resources Corp., which is the sole proponent of the project in Nunavut.
The project features a 230-kilometre all-season road towards the border with the N.W.T., a new deepwater port on the Northwest Passage, and a roughly 1.8 kilometre-long airstrip.
It would provide access to critical mineral mines in both territories, and the West Kitikmeot Resources Corp. has previously stated its belief the project would serve civilian and military purposes.
Earlier this month, the project was sent to the federal major projects office, which was set up last year to speed up infrastructure developments considered to be of national importance. That same week, Prime Minister Mark Carney also announced $35 million for Arctic defence and infrastructure.
However, the approval of the project in Nunavut has already faced a setback. The Nunavut Impact Review Board (NIRB), the territory’s regulatory body, has sent back an environmental impact statement submitted by the West Kitikmeot Resources Corp. earlier this month.
NIRB said it needs more details about how the project will address concerns about impacts on wildlife, and there needs to be an easier way for people to find information about the project.
The West Kitikmeot Resources Corp. said it is working on a response to NIRB’s concerns.
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