ATCO to invest in Arctic port and road project

ATCO Ltd. says it will invest about $10 million for a 40 per cent ownership stake in West Kitikmeot Resources Corp., backing a major northern infrastructure project in Nunavut.

The company said West Kitikmeot Resources Corp. is developing the Grays Bay Road and Port Project, which includes a proposed deepwater port along the Northwest Passage, a 230-kilometre all-season road and a 6,000-foot airstrip.

“Investing in essential housing, energy and defence infrastructure that enables economic growth and prosperity is central to ATCO’s long-term strategy,” said Katie Patrick, chief financial and investment officer at 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.”

The Grays Bay project has been referred to the federal government’s Major Projects Office and is expected to be developed in phases, with full completion targeted for 2035.

Once built, the port would be located between Nome, Alaska and Nuuk, Greenland, and is expected to connect Arctic deepwater access to Canada’s highway network through an overland route.

“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,” said Brendan Bell, CEO of West Kitikmeot Resources Corp.

The project is also expected to support both military and civilian use and could help drive additional private investment in the Arctic, the companies said.