The Izok Corridor project includes the Izok and High Lake deposits located in the Slave Geological Province in Nunavut, northern Canada. Izok is a large deposit with a Mineral Resource of 15 million tonnes at 13% zinc and 2.3% copper. The High Lake deposit, located north of Izok, has a Mineral Resource of 14 million tonnes at 3.8% zinc and 2.5% copper. Project development requires construction of a 325 kilometre all-weather road, as well as a deep-water port on the Arctic Ocean to facilitate transportation of metal concentrates to overseas markets. MMG also holds other base metal deposits and exploration tenements in the region.
The Project Proposal for the Izok Corridor Project was submitted to the Nunavut Impact Review Board (NIRB) in late 2012. In April 2013,the Federal Minister of Aboriginal Affairs and Northern Development Canada directed the NIRB to undertake a “Part 5” (Nunavut-led) review of the project. MMG Subsequently determined that the project, as designed, would not be economical to develop and asked the NIRB not to proceed with the review until MMG submitted an updated project design.
MMG has subsequently improved project economics through bulk modularisation of the process plant and other mine infrastructure, as well as modifications to the mine schedule and production plan to optimise cash flow and operating expenses. MMG is also pursuing partnerships with other stakeholders to share the costs of developing regional infrastructure.
Landing on ice at the High Lake exploration camp
MMG has conducted detailed surveys of land and marine wildlife and habitat, vegetation, soil, air, water and climate, as well as, economic and social conditions and is well positioned to advance the project.
Should the project proceed to development, it is expected to provide a number of economic benefits to Nunavut and the rest of Canada, including the following estimates:
- $6.5 billion investment over 15 years to build and operate the project.
- 18% increase in Nunavut GDP during operations relative to Nunavut’s 2012 output.
- 33,300 person years of employment (including indirect and induced jobs) over 15 years.
Information current as at March 2015.