Calgary – ATCO Ltd. has announced that it will provide approximately $10 million of staged investment for 40 per cent ownership in West Kitikmeot Resources Corp. (WKR). Backed by significant Inuit ownership, WKR is the sole proponent developing the Grays Bay Road and Port Project (GBRP), a critical infrastructure project consisting of a greenfield deepwater port with access to the Northwest Passage shipping corridor, a 230-kilometre all-season road leading inland, and a 6,000-foot airstrip.
GBRP is a multi-use, strategic asset that has recently been referred to the Canadian Federal Government’s Major Projects Office. GBRP development is planned in multiple phases, with an expected in-service date of 2035 for the full project.
“Investing in essential housing, energy and defence infrastructure that enables economic growth and prosperity is central to ATCO’s long-term strategy. Katie Patrick, Chief Financial and Investment Officer, ATCO.
“This project broadens our port and logistics assets, connecting northern resources to global markets. Together, our investments are building a diversified portfolio positioned to support long-term development and deliver durable value. Alongside WKR and with Inuit and government stakeholders, we are proud to be a strategic partner in this visionary project, to make it a reality and cement the importance of Canada’s northern territories in national security and identity.”
Brendan Bell, CEO, West Kitikmeot Resources Corp, stated: “WKR is thrilled to welcome ATCO as a major investor in our company, joining our Kitikmeot Inuit shareholders. They bring deep experience in northern infrastructure, port operations, and defence. They are a champion for the region and share our vision of Inuit-led Northern security and prosperity.”
Once constructed, the Port of Grays Bay will sit halfway between the ports of Nome, Alaska, and Nuuk, Greenland, on the Northwest Passage. In conjunction with the proposed Arctic Economic and Security Corridor project, GBRP will ultimately connect southern Canada and Arctic deep-water with all-season road access – the first overland connection between Arctic Ocean deepwater and the North American highway system.
GBRP will have the potential for dual-use military and civilian capabilities and to create new opportunities for sustainable northern development. With support from private sector companies and public stakeholders, it is expected to stimulate private investment in the Arctic.
ATCO is an established investor in ports infrastructure and operations, holding a 40 per cent interest in Neltume Ports. ATCO also has a long-standing history and expertise in remote northern developments and operations.
As a global enterprise, ATCO Ltd. and its subsidiary and affiliate companies have approximately 20,000 employees and assets of $28 billion. ATCO is committed to future prosperity by working to meet the world’s essential energy, housing, security and transportation challenges.
(Map image from ATCO)