IRON ORE DEVELOPMENT: Mary River qualifies for German loan guarantee

loan guarantee from the German government for the Mary River project it hopes to develop on Baffin Island. The comp...

loan guarantee from the German government for the Mary River project it hopes to develop on Baffin Island. The company said, Germany "…supports projects which are of outstanding importance for the Federal Republic of Germany. These include, in particular, projects securing German imports of raw materials."

 

The project is eligible in principle for a loan guarantee of US$1.2 billion, but Baffinland has not yet made a formal application. Such an application will not be made until the Mary River project has undergone a due diligence process to assess the legal, economic, technical and environmental risks. The actual loan coverage amount will depend on negotiating 10-year off-take agreements for at least 40% of the annual output with German steel mills.

 

"Key next steps for Baffinland include strategic partnering of the project," said company president and CEO Gordon McCreary.

 

Learn more at www.Baffinland.com.

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