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The cost of the project was initially put at around $600 million Bell said there is no recent estimate on the project's cost, but he suggested it would be around $1 billion Bell said with inflation, that estimated cost has since increased to about $1 billion
About 75 per cent of that funding will. Brendan bell, ceo of west kitikmeot resources corp., provided a new cost figure to nunatsiaq news after signing a memorandum of understanding to continue support for the project at the nunavut trade show in iqaluit on wednesday. The project includes a 230 km road which will connect to contwoyto lake, the northern terminus of the tibbitt to contwoyto winter road, providing winter road access from southern canada to the kitikmeot.
The canada infrastructure bank (cib) and west kitikmeot resources corp
(wkr) have signed a memorandum of understanding (mou) for project accelerator funding of up to $3 million to advance the grays bay road and port project. The scope of the proposed project proposal includes all physical works, activities, and/or undertakings, as scoped by the nirb on december 4, 2024, for the grays bay road and port project proposal and encompasses the entire project life and occurring within the nunavut settlement area. The estimated cost sits at nearly $1 billion.
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