Iron ore miner Northland Resources SE has filed for bankruptcy with more than $650 million in debt following a failed attempt to refinance the business, the Oslo-Norway listed company said yesterday, Reuters reported. In its third-quarter earnings report last month Northland said that its total debts by the end of September stood at $657 million, while cash and cash equivalents were $10.5 million. Spot iron ore prices have fallen more than 47 percent this year as large, low-cost miners such as Vale, Rio Tinto and BHP Billiton boosted output amid slowing demand growth in top buyer China. Northland's key mining assets are located in northern Sweden and Finland. The development of its projects has been plagued by cost overruns.
