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Baffinland Iron Mines Snapshot
Baffinland Iron Mines plans to make a profit by going underground in Canada's frozen north. The company's focus is its iron ore development property, Mary River Project, located on Baffin Island, Nunavut. Baffinland expects to produce 18 million tons of iron ore annually. With plans to sell its iron ore primarily to European steel mills, Baffinland sought a partner to help it fund construction of the operation. After getting nowhere with competing bids, steel giant ArcelorMittal and Canadian firm Nunavut Iron Ore paid $594 million to jointly acquire a Baffinland in 2011 in a 70-30 split. Baffinland plans to begin production in 2013. The Mary River Project, dormant for decades, was founded in the 1960s.
