Ring of Fire News

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What's up with the biggest thing happening in mining in NW Ontario?

Ring of Fire News – 13 Feb 12

  • Who’s speaking to federal politicians at a House of Commons Standing Committee on Natural Resources meeting this week in Ottawa?  Well, at least ONE of the companies exploring in the Ring of Fire….  The list includes:  William Boor, Senior Vice-President, Global Ferroalloys (Cliffs Natural Resources Inc.); Ronald Coombes, President, White Tiger Mining Corp.;  Raymond Ferris, Ring of Fire Co-ordinator, Matawa First Nations; and Deputy Chief Stan Louttit, Nishnawbe Aski Nation.   Source (agenda for 14 Feb 12 Committee meeting) – Alternative link – PDF version downloadable here
  • New Chinese investment potential for the Ring of Fire?  “A Canadian investment bank is joining with a state-owned Chinese bank to establish a $1-billion fund that will invest in Canadian energy and mining projects. Toronto-based Canaccord Financial and the Export-Import Bank of China (Eximbank) say their Canada-China Natural Resource Fund will focus on public and private natural resources. It will raise money from investors in China and abroad. The joint fund was unveiled Thursday as part of Prime Minister Stephen Harper’s current trade mission to China. While news reports of the deal have focused on potential investment in big Canadian energy projects, specifically the Alberta oil sands, the fund could also affect Ontario’s mining sector, where Chinese involvement has been growing over the past few years. Last May, for instance, Toronto-based Noront Resources said it had dealt a 9.9-per-cent stake to Hong Kong-based Baosteel Resources, a subsidiary of one of China’s largest steel makers in a strategic investment that would support development of its promising nickel and chromite properties in Ontario’s Ring of Fire mineral zone. Baosteel, which gained a seat on the Noront board, will have an opportunity to purchase up to 19.9 per cent of the company. In making the May announcement, Noront President and CEO Wes Hanson called it “the initial step in a potential long-term partnership that provides Noront access to one of China’s largest steel producers and China’s rapidly expanding stainless steel industry” Noront says it intends to spend about $15 million this year advancing its Ring of Fire properties in Ontario’s far north.”  Source more (news release) – more
  • Noront Resources Ltd. has identified more nickel sulphide and chromite mineralization at its McFauld’s Lake Project in the Ring of Fire mining camp. “While drilling to increase the chromite resource at Blackbird continued to return excellent results, the discovery of two new zones of nickel sulphide mineralization within 500 metres of (the company’s) Eagle’s Nest (deposit), highlights the tremendous exploration potential of this area,” company CEO Wes Hanson said in a news release. Both zones of nickel sulphide mineralization were identified by a new, ground-based geophysical survey that was completed in November,” he said. anson noted that the Eagle’s Nest feasibility study is progressing on time and on budget as is the resource update and preliminary assessment of the Blackbird chromite deposit. We continue to work closely with all levels of government to identify an environmentally and socially responsible plan for infrastructure development in Northwestern Ontario that will allow Noront to meet its objective of commercial nickel production by 2016,” he added. The company expects to release final capital and operating costs of the Eagle’s Nest Project in the second quarter of this year ….”  Sourcemore (company news release) – more
  • A head’s up from the Globe & Mail from last week on Noront:  “Today’s small-cap stocks to watch …. Noront Resources Ltd. (NOT-X), which lost 2.5 per cent on Monday, announced the remaining results from the company’s 2011 exploration program and provided an update on the Eagle’s Nest Project at the company’s McFaulds Lake Project, in the Ring of Fire, James Bay Lowlands, Ontario ….”  Source
  • KWG’s annual general meeting coming up February 29 in Montreal  Source
  • Hopes the Ring of Fire will help with jobs in, around Thunder Bay  “…. Steve Demmings, CEO of (Thunder Bay’s) Community Economic Development Commission, said some perspective is needed when examining (recent) census data. “The backdrop is one of the toughest periods of labour adjustment . . . in our region’s history,” he said. “We were in the midst of a very challenging global economic downtown, the worst in 50 years. “For years one of our fundamental pillars of the economy has been challenged — forestry. But I think that, when you look at what’s happening today . . . we are the eye in the storm in terms of having all the resources that the world wants. “The palladium, the gold, the silver, the chromium. The Ring of Fire. We’re seeing very strong demand for specific skill sets,” said Demmings ….”  Source
  • Hopes the Ring of Fire will (eventually) help with jobs in, around Thunder Bay  “…. While the Ring of Fire may be bringing jobs to Ontario’s North, it appears that, at least for now, they may be finding their way to the Northeast and not the Northwest. Sudbury, where Cliffs Natural Resources will likely build a ferrachrome processcing facility, is up 1.6 per cent, a sharp contrast to the overall 4.7 per cent decline in the Northwest, according to figures provided by Lakehead University economist Liveo Di Matteo. The LU professor said employment and gross domestic product dropped about 10 per cent over the past five years as the forest industry collapsed around us. But, given those numbers, he said, Thunder Bay has showd resiliency, so it’s not all doom-and-gloom. He even predicts, if the Ring of Fire does proceed as anticipated, growth may not be far behind.”  Source
  • Hopes the Ring of Fire will help with jobs in Ontario  “…. The Ontario Chamber of Commerce, which represents 60,000 businesses in the province, sees the dip in the economy and declining population growth as one issue. All the economic trends in the province, such as a faltering manufacturing sector, are related to population trends, said Angie Brennand, the chamber’s vice-president of policy and government relations. “Ontario is really facing a turning point in its economic history,” she said …. Numbers aside, Brennand still sees a need to position Ontario back on top. Among the suggestions to turn around the declining growth — and the economy — are delving into a resource-rich area of northern Ontario, known as the “Ring of Fire.” According to the Ontario government, the area stretching west of James Bay has one of the key ingredients needed to make stainless steel — chromite. The economic benefits could be a boon for local First Nations communities, if the area is heavily mined. Taking a page out of the West’s boom, Brennand said, tapping those resources should attract more newcomers to Ontario. “At the end of the day, if we can usher in Ontario’s next great economic era that will in turn, bring people and jobs to Ontario,” she said. “That will result in some pretty strong population numbers.” ….”  Source
  • Northeastern Ontario MPP:  Ontario should help build infrastructure, predicts Noront will be first to get going, says processing plant should go to Sudbury  “Gilles Bisson, Timmins-James Bay MPP went to visit the Ring of Fire area last week and said the government needs to get involved to keep the mining in Ontario …. “We believe the companies should be mandated to process it here an the government can offer up a carrot by paying part of the infrastructure such as hydro, water and roads, just like they do down south for big companies.”  MPP Bisson added that the NDP will be presenting their position outlining different ways the province can assist the companies in keeping all processing in Ontario …. He added that he believes Noront Resources Limited will be the first out of the gate this spring with the nickel and copper mines, followed by their chromite in four or five years.  “This is a perfect opportunity to help many in the north,” said MPP Bisson. “Once the nickel and copper are mined they can be shipped to Sudbury,” said MPP Bisson. “The government and companies could look at building new factories to deal with the chromite as well, currently Timmins and Sudbury would have the electric capability ….”  Source
  • Ontario Ring of Fire Co-ordinator’s Aboriginal rep back at his old job  “The province’s energy strategy needs serious work, says the head of the Nishnawbe Aski Development Fund. Harvey Yesno, the organization’s president, on Tuesday said Ontario must find a solution to high energy costs that have threatened developments like Cliffs Natural Resources proposed Ring of Fire ferrochrome processing facility. Yesno said in addition to up to 1,300 direct jobs being created by the project, the need for electricity could vastly improve the lives of remote First Nation communities, most of which use diesel power to generate expensive electricity, limiting their ability to grow ….”  Source  (According to Wawatay News, Yesno reportedly took a one-year leave of absence to take the provincial post last year – no word yet on who might replace him in the provincial co-ordinator’s office)

More open source information (excerpts from information monitored 1 – 12 Feb 12 (PDF) here. All information shared here in accordance with the Fair Dealing provisions (§29) of the Copyright Act. The blog is not responsible for the accuracy of the source material, and inclusion of material doesn’t mean endorsement.

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One Response

  1. […] all the hints about some level of Chinese interest in the Rof here, here, here, here and here? Finally, a firm nibble …. “A Chinese railway design firm will examine the engineering data […]

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