Plans are moving ahead to develop another iron ore mine in the Baffin region of Nunavut.

Advanced Explorations said it has just completed a feasibility study on its Roche Bay project near Hall Beach, Nunavut.

Roche Bay

The company is predicting a mine life of about 15 years, producing up to 8 million tonnes of iron ore per year.

"We’re actually quite fortunate in the fact that our project is right adjacent to the ocean, and Roche Bay is actually a natural deep water harbour," said John Gingerich, the company’s president. "So we just need to put port facilities in, but there's no dredging required. It's naturally deep, deep water – just over 50 meters – so, it's very good for that type of logistics."

Plans for the billion-dollar project have yet to be submitted to Nunavut regulators, but the company hopes to have the mine up and running by 2015.

Gingerich said the company is looking at alternative power sources for the mine, such as liquefied natural gas. He said that would keep costs down.