The Arctic

[Cloud Cover]

Gleaming stuff from the comments, they seemed to have surmised that the government would give them what they wanted, regardless of the local opposition and then spent heavily on that assumption, with it now coming back to bite them. They also have another project in the works, but now no capital to see it through. Sounds a bit like poor senior management decision making.

The lender and investors seems to be particularly naive in this project as well. They aren’t getting their money back either.

 

[lenaitch]

The world, including Canada, is peppered with ghost or struggling communities that were founded resource sites - the so-called 'one industry town'. The day a mine shift is christened, its shut-down clock starts. A few, very few, like Sudbury and Timmins, are rich enough to be stable over a long-term. Expecting a durable, economically viable community based on a single mine is folly.

Admittedly, the rules regarding what constitutes and justifies a community in the high arctic are different, but the Inuit have fairly recent memory of being relocated for the greater good. Maybe Milne Point is a better location than Pond Inlet ~130km away. Dunno.