Baffinland Iron Mines whose control of a rich iron deposit in Canada's Arctic has sparked a takeover battle involving ArcelorMittal and Nunavut Iron Ore said that developing the project could cost USD 740 million, with production starting in two years.

Baffinland said it will also update a 2008 feasibility study on using a rail line to carry ore from the mine to port, likely a costlier option. It did not say when it would complete the revisions.

(Sourced from ommunity.nasdaq.com)