The federal agency is providing up to US$475 million in financing to keep the Mary River mine operating—including bringing in supplies during the summer shipping season to northern Baffin Island—while Baffinland deals with a cash crunch, broken debt obligations and liabilities that exceed its assets by US$761 million. (The Logic)

Talking point: Baffinland’s filings say it spent more than US$1 billion on a plan to build a northbound railway and increase its capacity to ship iron out, which ultimately didn’t get regulatory approval. It has permission for a different expansion, which Baffinland says it needs to make the Mary River mine profitable, but now can’t afford to execute it. A judge approved EDC’s financing offer over objections from lenders led by Oaktree Capital Management (a U.S.-based subsidiary of Brookfield), who accused Baffinland of steamrolling their creditor rights and warned that the move will scare off investors in Canadian infrastructure.