Reuters – Baffinland (TSX:BIM) 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. Baffinland, a Toronto-based explorer, is the target of C$590 million $590 million joint takeover bid from top steelmaker ArcelorMittal and private equity-backed Nunavut Iron Ore, which is set to expire on Monday at 11:59 p.m. At stake is a large, high-grade iron ore deposit that could meet Europes demand for the metal, used in steelmaking, for years to come.

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More information:

• Nunatsiaq News: “Rivals join forces, close in on Mary River deal” (Jan. 18, 2011).
• Baffinland (Press Release): “Baffinland Announces Submission of the Draft Environmental Impact Statement for the Mary River Project” (Jan. 21, 2011).
• Nunavut Impact Review Board: FTP site for Mary River Project NIRB Review (Project #08MN053).