New Look to Baffinland's Board

The Baffinland Iron Ore company has a set of new owners and several new faces on its board of directors. The company which was recently taken over by ArcelorMittal and Nunavut Iron Ore has seen five of its old board member resign. The board has also been increased in size from 9 to 11 members.

The joint ownership of the two companies is placed currently at 62% of stake in Baffinland iron Ore. The new chairman of the board is 31 year old Aditya Mittal. He is the chief financial officer of Arcelor Mittal. The new President and CEO for Baffinland is Phil Du Toit who is also the vice president of president of mining and exploration for Arcelor Mittal.

Bruce Walter and Jowdat Waheed from Nunavut Iron Ore also joined the Baffinland board of directors. In fact Jowdat Waheed used to formerly be on the company management before he joined Nunavut. He had been criticized by the Baffinland directors for exploiting his knowledge of the company during the attempted hostile takeover by Nunavut.

The joint offer will expire on February 4^th but the new owners are already making changes at the company. The Mary River project on Baffin Island in the Canadian Arctic is the reason why both companies have been trying to gain control of Baffinland.