page_title: Mary River Mine
section_title: Finance
hierarchical_section_title: Mary River Mine / Finance
caption_attribution_description: English: This is the temporary camp of the new iron ore mine
context_page_description: The Mary River Mine is an open pit iron mine operated by the Baffinland Iron Mines Corporation in the Mary River area of Baffin Island, Nunavut, Canada.
  It is said to be the world's sixth most northerly mine.
  Paul Waldie, a business reporter for The Globe and Mail, called the project one of the most ambitious in any Arctic region, and said it was expected to "triple the territory's annual gross domestic product growth rate and provide nearly $5-billion in tax revenue and royalties to the territory over the life of the project."
  The original plan was to build a railroad to transport ore to a new port on the south coast of Baffin Island. Environmental critics expressed concern over the impact the railway will have on migrating caribou, and the impact the frequent passages of the big ice-breaking freighters will have on sea mammals. Archaeologist Sylvie LeBlanc has described how the railway line will parallel the longest line of ancient inuksuit yet found over a line 6 km long. Several years were spent undergoing an environmental assessment for the railway plan.
context_section_description: Australian newspaper The Age reported that due to the financial crisis of 2007 Baffinland needed to secure an emergency loan of C$43.8 million, in order to ship enough supplies for the workers on site—or they would not have been able to survive the winter.
  According to The Age the emergency line of credit was necessary because the Baffinland management did not have the funds available to ship supplies to the 200 workers on site before shipping closed for the season, "after investing in commercial paper that borrowers couldn't repay." According to The Age 95 percent of Baffinland's funds had been invested in short term debts investment vehicles, of 364 days or less.
  The iron ore price has gone down from around US$150 in 2010-2013 to around $70 per tonne in early 2015, which should be a concern.
caption: Mary River mine site
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