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If you have a small window to ship ore, putting it on larger ships makes more sense.
Remember, both the Great Lakes and Hudson Bay freezes for around the same length of time, at the same time.
If it were feasible to extend a line as close to the island on the mainland, that would make it even better. I doubt there is enough ore to warrant even looking into it.
That assumes a North American customer base.
 
Interesting YouTube video about the current railroad landscape in Australia. Video focuses heavily on Australia's struggle with freight rail. Specifically around shipping containers and the difficulties they've had in building a line that connects all their major population areas. Due to this, the country is overly dependent on trucks to move goods in and out of ports.

I know a lot of folks here like to slag on the two major freight companies that dominate Canada, but it cannot be overstated how incredible it is that we can send a fully, double stacked, container train from one end of this country to the other, while stopping at just about every major city along the way.

While we may look at other countries' passenger rail with envy, a lot of those same countries look at our freight rail with envy.

 

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