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Ring of Fire News – November 17, 2012

  • (Outgoing) Premier Trying to be Reassuring About Power for NW Ontario, Ring of Fire  “Ontario’s premier is reassuring Northwestern Ontario residents that the region will have all the energy it needs, regardless of the eventual Thunder Bay Generating Station outcome. The station’s conversion to run on natural gas has been put on hold by the Ontario Liberals, because the Ontario Power Authority (OPA) says there are better, and cheaper ways to power the North. Halting the conversion, the OPA said, will save $400 million, and required power can be generated from other sources, such as southern Ontario via an expanded east-west tie-line. The government has not made a final decision about the conversion, as the OPA is still finalizing its alternative plan. “The issue for us is not whether we have the power in place to meet those energy needs,” Premier Dalton McGuinty said in Thunder Bay on Thursday. “It’s, what’s the best way to do that? I think everybody wants us to act responsibly in that regard.” …. ” Sourcemore
  • “New Deal” Folks Remind Ontario Liberal Leadership Wanna-bes of Plan  “We are writing you to make you aware of our plan to revitalize the Ontario Northland Transportation Commission (ONTC) and create significant new job and economic opportunities in Ontario’s North. Our initiative, called the New Deal for Northern Ontario, will save existing transportation and communication services and hundreds of jobs in the North, while also creating thousands more jobs by providing rail access to the Ring of Fire mineral deposits. The plan, which includes the development of other competitive infrastructure components into the Ring of Fire region, will deliver significant benefits to First Nations, the region and the mining and related industries. The New Deal calls for transferring ownership of the railroad and other assets of the provincially-held ONTC to a new ports authority to be operated under the Canada Marine Act. This will ensure that important infrastructure assets are kept in public hands for the benefit of all stakeholders. The first step in this process was recently completed with the creation of The James Bay & Lowlands Ports Trustee Corporation. The new Ports Authority will be led by Roy Hains, who successfully ran ONTC for several years and developed strategies to make Ontario Northland strong and sustainable. The ONTC has played a significant role in transportation and economic development in Northeastern Ontario for more than a century. Ontario Northland today employs more than 950 workers in the region and has an estimated annual economic impact of almost $210 million in Northeastern Ontario. Our plan will secure these economic benefits by strengthening ONTC’s operations to ensure that they are economically sustainable ….”  Source
  • City of North Bay Endorses “New Deal” for Rail Line into Ring of Fire  “City council voted unanimously in support of the ‘New Deal’ for the ONTC that would see the railway become part of a new port authority. During the Nov. 12 council meeting, Mayor Al McDonald said the proposal to transfer the ownership of the ONTC to the newly formed James Bay and Lowlands Ports Trustee Corporation has brought “a real sense of hope and optimism.” “This is the best solution proposed today to revitalize the ONTC,” he said. McDonald’s remarks came following a presentation by Brian Stevens, spokesperson for the General Chairpersons Association and Roy Hains, CEO of the new trustee corporation. Hains said the creation of the new port authority means a multi-generational approach to economic development in Northern Ontario as a result of the transportation required by the Ring of Fire mining project, projecting economic spin-offs for up to 100 years. “There will be new jobs in the rebuilding of the railway, not in the status quo of the ONTC,” Hains said ….”  Sourcemore (from In Support of Mining blog)
  • Assembly of First Nations National Chief on Ring of Fire at Area Conference  “National Chief Shawn A-in-chut Atleo stressed the need for community-based prescription drug abuse recovery programs during Matawa’s Back to Our Roots Gathering III …. Atleo also discussed Ring of Fire issues with the Matawa chiefs during the gathering and called for the Matawa communities to be fully engaged prior to development in their territory, which includes the Ring of Fire mineral exploration area. “First Nation lands hold tremendous potential, and this potential can only be fully unleashed through adequate recognition and respect of First Nation rights, treaties and the full participation of our peoples,” Atleo said. “Meaningful consultation and accommodation, and free, prior and informed consent means engaging up front and support for environmental and economic sustainability and self-sufficiency. This also means our fair share of any revenues generated.” Neskantaga has been engaged in a fight to prevent a bridge being built over the Attawapiskat River and slow down the Ring of Fire development.  Grand Chief Harvey Yesno also supported Neskantaga’s efforts to protect their lands. “We stand behind the people of the community who’ve declared their land first and foremost,” Yesno said. “Treaty 9 states that the government cannot have claim to its land without consent from the First Nations. The Treaty making discussions and subsequent agreement was to share the wealth of the lands — not to surrender it.” ”  Source
  • Cliffs Issues Dividend  “Cliffs Natural Resources Inc. ( CLF ) has announced an ex-dividend date of November 20, 2012 and a cash dividend payment of $0.625 per share scheduled for December 03, 2012. Shareholders who purchased CLF stock prior to the ex-dividend date are eligible for the cash dividend payment. This marks the 3rd quarter that CLF has paid the same dividend. At the current stock price of $35.25, the dividend yield is 7.09%. The previous trading day’s last sale of CLF was $35.25, representing a -55.29% decrease from the 52 week high of $78.85 and a 9.3% increase over the 52 week low of $32.25 ….”  Source
  • Strategic Metals (including Chromium) Forecast (from university intelligence studies students)  “Scarce Strategic Mineral Alternative Sourcing Likely To Leave US Supply Chain At Risk Over Next 3-5 Years — Key Findings:  Due to lack of alternative strategic mineral sources, susceptibility to supply chain vulnerabilities likely to persist in next 3-5 years ….”  Source

More open source information (excerpts from information monitored 1-16 Nov 12 (PDF) here. All information shared here in accordance with th 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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