RAPAPORT: Canada’s federal government and the Nunavut provincial government will fund construction of a port in Iqaluit, the capital of Nunavut, Peregrine Diamonds announced.
The estimated budget for the project is $84.9 million with the federal government funding up to $63.7 million and the provincial government to provide the remainder. The new facility will cut the time required to offload cargo, improve safety for workers and recreational boaters, and be a potential base for military ships, commercial fisherman and search and rescue operations.
Nunavut’s deputy transportation minister told the CBC that her department hoped to complete the project by 2018 but that such a date might be optimistic.
Iqaluit is located approximately 120 kilometres from Peregrine’s Chidliak project where the company exploring a potential diamond mine project. To date, the company has declared an inferred mineral resource of 8.57 million carats of diamonds at the site. If Peregrine is successful in advancing to the development of a diamond mine at Chidliak, Iqaluit will be an important supply point for mine construction and ongoing operations. A modern deep water port would dramatically improve the efficiency of and lower the cost of shipping and supply.
“We are very pleased to see a commitment by the Governments of Canada and Nunavut to the building of a modern port in Iqaluit,” Tom Peregoodoff, CEO and president of Peregrine Diamonds. “In addition to being a key component of the infrastructure required to construct and operate a diamond mine at Chidliak, the efficiencies that the port will bring will improve the quality of life and lower the cost of living for the people of Iqaluit and the communities on Baffin Island.”
