{"id":104795,"date":"2026-05-18T10:23:35","date_gmt":"2026-05-18T14:23:35","guid":{"rendered":"https:\/\/theturtleislandnews.com\/?p=104795"},"modified":"2026-05-18T10:23:35","modified_gmt":"2026-05-18T14:23:35","slug":"nunavut-mining-company-cant-pay-back-its-debts-but-iron-mine-will-continue-operating-for-now","status":"publish","type":"post","link":"https:\/\/theturtleislandnews.com\/index.php\/2026\/05\/18\/nunavut-mining-company-cant-pay-back-its-debts-but-iron-mine-will-continue-operating-for-now\/","title":{"rendered":"Nunavut mining company can\u2019t pay back its debts, but iron mine will continue operating for now"},"content":{"rendered":"

By William Koblensky Varela, Local Journalism Initiative Reporter, Nunavut News Baffinland Iron Mines, the company responsible for the Mary River iron ore mine south of Pond Inlet, is unable to pay its debts, the company announced on May 15. The mine\u2019s operations will continue as normal for now and the Steensby component expansion project is expected to continue, the company said. A sale of the company is being considered, however. The company cannot pay back its loans and is seeking protection from its lenders through the Ontario Superior Court of Justice. Baffinland expects no disruptions to its operations at the Mary River mine or Milne port and intends to continue advancing the Steensby railway and port project. \u201cThe upcoming 2026 shipping season will commence as planned with all customer deliveries… <\/p>\n

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By William Koblensky Varela, Local Journalism Initiative Reporter, Nunavut News Baffinland Iron Mines, the company responsible for the Mary River iron ore mine south of Pond Inlet, is unable to pay its debts, the company announced on May 15. The mine\u2019s operations will continue as normal for now and the Steensby component expansion project is expected to continue, the company said. A sale of the company is being considered, however. The company cannot pay back its loans and is seeking protection from its lenders through the Ontario Superior Court of Justice. Baffinland expects no disruptions to its operations at the Mary River mine or Milne port and intends to continue advancing the Steensby railway and port project. \u201cThe upcoming 2026 shipping season will commence as planned with all customer deliveries... <\/p>\n

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Log in here<\/a><\/div><\/div><\/div>","protected":false},"author":101363,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-104795","post","type-post","status-publish","format-standard","hentry","category-national-news","category-ticker","pmpro-level-required","pmpro-level-3","pmpro-level-2","pmpro-level-5","pmpro-level-4","pmpro-level-6","pmpro-level-7","pmpro-level-8","pmpro-no-access"],"yoast_head":"\nNunavut mining company can\u2019t pay back its debts, but iron mine will continue operating for now - The Turtle Island News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/theturtleislandnews.com\/index.php\/2026\/05\/18\/nunavut-mining-company-cant-pay-back-its-debts-but-iron-mine-will-continue-operating-for-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nunavut mining company can\u2019t pay back its debts, but iron mine will continue operating for now - The Turtle Island News\" \/>\n<meta property=\"og:description\" content=\"By William Koblensky Varela, Local Journalism Initiative Reporter, Nunavut News Baffinland Iron Mines, the company responsible for the Mary River iron ore mine south of Pond Inlet, is unable to pay its debts, the company announced on May 15. The mine\u2019s operations will continue as normal for now and the Steensby component expansion project is expected to continue, the company said. A sale of the company is being considered, however. The company cannot pay back its loans and is seeking protection from its lenders through the Ontario Superior Court of Justice. 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