Mary River iron ore project investment cut

Jan 14, 2013 | 11:33 AM | Stacy Irish

Tags  iron ore, Baffinland Iron Mines, Mary River Project, Erik Madson, Milne Inlet, Rotterdam, Amsterdam, Nunavut Nunavut Tunngavik

NEW YORK — Canadian iron ore development company Baffinland Iron Mines Corp. has scaled back its investment plans for the Mary River project because of lower steel prices and rising borrowing costs.

"In the current global financial environment, the large development capital cost for the Mary River project is difficult to finance," Erik Madson, Baffinland’s vice president of sustainable development, said in a letter to the Nunavut Impact Review Board.....

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