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Ring of Fire News – March 1, 2013

  • Ontario’s Finance Minister Charles Sousa on Ring of Fire, road/rail  “…. “In order to succeed in maximizing the value of the Ring of Fire and the tremendous potential that exists here in the North, we have to make some investments,” he said via teleconference from Sault Ste. Marie.  “Negotiations are ongoing with proponents. What’s going to happen here in the North is going to have tremendous impact on the province and throughout Canada. That’s a $2 billion to $3 billion investment a portion of which the province is looking to invest as well.”  A recently released study concluded railway infrastructure, and not an all-season road, is the best option for Ring of Fire development. That study pointed out that while there is a more significant initial investment required for rail, the long-term cost savings make it a more economical option than an all-weather road.  Despite that study’s findings, Sousa said an all-weather road will be necessary in order to ship ore from the Ring of Fire. And that’s just one of the many issues they have to face.  “It’s not just the road.  that’s part of the issue that’s before us,” he said. “There will also be issues about maybe having a railway. The other one is electricity. There*s many factors and those discussions are underway.  I*m hopeful we*ll have some consequence that will provide important investment in the North to maximize the potential.” ….” Source
  • Ontario’s Aboriginal Affairs Minister David Zimmer on the Ring of Fire, resource revenue sharing  “…. There are resource benefits, there are revenue sharing issues; the important thing is that the parties sit down and talk about benefit sharing, revenue sharing, environmental issues, educational issues. When there*s a piece of economic development, there are so many spin-off effects of it. You have to get everybody together at the table and develop the resource in a collective way and make sure that everybody shares fairly in the rewards of the activity, and that might be benefits, a host of things …. The ministry, what its really equipped to do, is to facilitate a whole lot of conversations and meetings, and to help the people get together and work through their issues. In some ways the ministry is a facilitator. Sometimes industry may come to us and say we have an idea for development, can you tell us who we should talk to and how we should get started. Maybe the Aboriginal community calls us with an idea for development and says can you help us connect with finance people, or technical people. So we bring the folks together and have a talk about it.”  Source
  • Financial Post Column:  Getting rid of the Far North Act’ll help the Ring of Fire more than having a federal lead minister
  • $15M loan to Noront for Ring of Fire exploration  “Noront Resources says it has closed a $15-million (U.S.) loan facility to help further the development of its Eagle’s Nest project in Ontario’s far northern Ring of Fire mineral zone.  In a Wednesday release, the company said the deal with Resource Capital Fund is a one-year bridge loan, which would automatically roll into a convertible loan next year if not repaid prior to its maturity date.  The proceeds of the facility will be used to further the development of the company’s advanced stage Eagle’s Nest nickel, copper, platinum, palladium project; for working capital and for corporate requirements, Noront said.”  Source (In Support of Mining blog) – moremore (company news release)
  • Ontario NDP:  If ya mine it here, then process it here, dammit!  “The provincial NDP wants to see a vast mineral deposit in northern Ontario used to benefit the province’s steel industry rather than offshore interests.  The so-called Ring of Fire mining area in the James Bay Lowlands is believed to contain about a quarter of the world’s chromite, the main ingredient in stainless steel.  American company Cliffs Natural Resources is the biggest player in the Ring of Fire. Its most recent investor update shows nearly half of the raw ore mined in northern Ontario is destined for China, while the rest will be shipped to a proposed smelter in Sudbury.  NDP MPP Gilles Bisson said Ontario should develop its own stainess steel industry, instead of sending the raw ingredients overseas ….”   Source
  • Fort William First Nation hosting mining conference 25-26 March 2013 – more detail at the conference web page here
  • (Not exactly Ring of Fire) Latest roadblock of winter road into DeBeers Victor Mine over – more here.

More open source information (excerpts from information monitored 1-28 Feb 13 (73 page 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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