ATCO Invests in West Kitikmeot Resources to Advance Grays Bay Road and Port Project and Link Canada to New Global Markets
Press Release
The Grays Bay Road and Port Project will strengthen Canada's Arctic Sovereignty and enhance economic development.
It is an integral part of Canada's ambitious plan to defend, build, and transform the North.
CALGARY, AB, March 23, 2026 /CNW/ - ATCO Ltd. (TSX: ACO.X)
ATCO Ltd. today 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. 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."
Katie Patrick, Chief Financial and Investment Officer, ATCO
"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."
Brendan Bell, CEO, West Kitikmeot Resources Corp.
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.
About West Kitikmeot Resources Corp.
West Kitikmeot Resources Corp. (WKR) is a private resource development company, with a mission to develop the Kitikmeot Region for the benefit of Kitikmeot Inuit. WKR is the developer of the Grays Bay Road and Port Project and holds mineral tenure along the Project route. WKR's largest shareholder is an affiliate of the Kitikmeot Inuit Association, the democratically elected representative of the Inuit of the Kitikmeot Region of Nunavut.
About ATCO
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. ATCO Structures designs, builds and delivers products to service the essential need for housing and shelter around the globe. ATCO Frontec provides operational support services to government, defence and commercial clients. ATCO Energy Systems delivers essential energy for an evolving world through its electricity and natural gas transmission and distribution, and international electricity operations. ATCO EnPower creates sustainable energy solutions in the areas of electricity generation, energy storage, industrial water and cleaner fuels. ATCO Australia develops, builds, owns and operates energy and infrastructure assets. ATCO Energy provides retail electricity and natural gas services, home maintenance services and professional home advice that bring exceptional comfort, peace of mind and freedom to homeowners and customers. ATCO also has investments in ports and transportation logistics, the processing and marketing of ash, retail food services and commercial real estate.
More information can be found at www.ATCO.com.