A major step has been made in the development of Baffinland's Mary River iron ore project.

Negotiations for the project's Inuit Impact and Benefits Agreement have wrapped up. No details have been released as to what's in the agreement, but it is the document that lays out what Inuit in the region can expect out of the project — in terms of royalties, jobs and other benefits.

It's taken years of talks between Baffinland and the Qikiqtani Inuit Association to negotiate. Baffinland's mine at Mary River would be the biggest industrial development in Nunavut to date. If it becomes operational, the project is expected to produce between 18 and 30 million tonnes of iron ore annually, and run year round.

Whatever's in the IIBA, the QIA's board still needs to approve it, before officials sign the deal. Representatives from several Baffin communities are reportedly heading to Iqaluit to witness the signing later this week.

Territorial regulators are currently reviewing the project's specifications, after the company announced some changes to the original plan in January.