BAFFINLAND IRON MINES $0.66 (Toronto symbol BIM; SI Rating: Start-up) (416-364-8820; www.baffinland.com; Shares outstanding: 255.3 million; Market cap: $168.5 million) continues to add to reserves through exploration at its Mary River iron-ore project on Baffin Island.
Baffinland aims to build an open-pit mine at Mary River over a four-year period. It then plans to produce 18 million tonnes of ore a year for over 21 years.
The company has signed contracts to sell the ore to steelmaking giants ThyssenKrupp and ArcelorMittal. However, the project’s timing depends on a continued economic rebound and a rise in steel demand. Baffinland holds a high cash balance of $25 million.
Baffinland is a buy for highly aggressive investors.
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