• Judge orders court-appointed officers to lead sale of Baffinland's assets

  Source: Territories - Northern Affairs (Yukon, NWT, Nunavut)
  Date: 2026-10-16 19:31:21.0
  Tags: [National, Mining, Economy, Resources, Justice]

  An Ontario Superior Court judge ruled that independent, court-appointed officers will lead the sale of debt-stricken Baffinland Iron Mines Corporation's assets, siding with lenders and federal agencies such as Export Development Canada over the company's shareholders. Baffinland, which operates the Mary River Iron Mine on North Baffin Island in Nunavut, accumulated $2.6 billion in debt and sought creditor protection while facing potential closure. The mine represents a critical economic anchor for the territory, employing 1,200 workers and accounting for approximately 25 percent of Nunavut's GDP.

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• Sale of Baffinland's assets should be run by an independent officer, feds argues

  Source: Territories - Northern Affairs (Yukon, NWT, Nunavut)
  Date: 2026-10-09 21:52:54.0
  Tags: [National, Mining, Resources, Economy, Finance, Justice]

  Federal government lawyers and Export Development Canada (EDC) are arguing in the Ontario Superior Court that an independent, court-appointed officer should oversee the asset sale process for Baffinland Iron Mines Corp. Baffinland, which operates the Mary River Iron Mine on northern Baffin Island and employs over 1,200 workers, entered creditor protection in May owing $2.6 billion to 231 creditors and previously secured a $660-million loan from EDC to stay operational. EDC's legal representation argues that Baffinland's current operating committee faces conflicts of interest due to personal financial stakes, whereas Baffinland's counsel opposes the measure as an unprecedented attempt to rewrite contractual terms. Ontario Superior Court Judge Jana Steele has reserved her decision to be delivered in writing at a later date.

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• Sale of Baffinland's assets should be run by an independent officer, feds argue

  Source: Territories - Northern Affairs (Yukon, NWT, Nunavut)
  Date: 2026-10-09 21:52:54.0
  Tags: [National, Economy, Mining, Resources, Justice]

  Federal government lawyers, representing Export Development Canada (EDC) over a $660-million loan, argued in the Ontario Superior Court that an independent, court-appointed officer should oversee the asset sale of Baffinland Iron Mines Corp. to avoid conflicts of interest. Baffinland, which owns the Mary River Iron Mine on northern Baffin Island and employs over 1,200 workers, has been under creditor protection since May while owing $2.6 billion to 231 creditors. Baffinland's legal representation opposed the move as unprecedented and accused EDC of attempting to rewrite contract terms, leaving Ontario Superior Court Judge Jana Steele to reserve her decision in writing for a later date.

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