Ontario court clarifies future of Baffinland's financial uncertainty

The judge's decision impacts millions of dollars of mining assets, over 1,200 jobs, and possibly a big slice of Nunavut's economy. Ontario's Superior Court was asked to weigh in on how Baffinland will sell some of its assets to keep their Mary River mine in business. The company has been in serious financial trouble. It is under creditor protection with over $2.6 billion in debt. And last week, the company asked the court to approve the asset sale. The alternative, they claimed, would have been to shut down the mine. But the process stalled for weeks, but the federal government had objections, not to the sale, but to how Baffinland wanted to run it. The company wanted to run the sale themselves, but a federal agency that loaned Baffinland more than half a billion dollars wanted an independent court-appointed officer. They argued that would prevent shareholders' personal financial interests from impacting the sale. The court sided with the feds, and in a statement to CBC a Baffinland spokesperson said the company will follow the court orders to support what she called a successful outcome. The judge now needs to sign an order so bidding on the assets can start. That is expected soon and will likely shape the mine's future. Arti Sarkissian, CBC News, Iqaluit.