Ring of Fire News


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

#RingOfFire (RoF) News – April 9, 2015

  • Some good news for the RoF?  “Ontario extends industrial electricity rate program permanently — A temporary provincial electricity program aimed at levelling the competitive playing field for Northern industry has been made permanent.  At a Tuesday news conference at the Resolute pulp mill in Thunder Bay, officials with the provincial government announced that the Northern Industrial Electricity Rate Program would become permanent.  The program helps about 26 large industrial businesses slash electricity costs by up to 25 per cent.  The program came after industry complaints that it was increasingly becoming too difficult to compete in Ontario because of high energy prices ….”- “Ontario gives northern industry permanent relief from energy costs”“Industry welcomes extended electricity rate”“Mining firms in Sudbury benefit from program”Northern Development and Mines news release:  “Ontario Commits to Ongoing Northern Industrial Electricity Rate Program Funding”
  • Meanwhile, Ontario’s Tories say they’ll look at power rates, too  “If elected leader of the Ontario Progressive Conservatives, Christine Elliott plans to start her tenure with a thorough review of provincial energy policies.  The leadership candidate and current MPP for Whitby-Oshawa said one of her first orders of business would be convening a panel of experts immediately after the results of the vote are announced on May 9 to begin developing a plan to make energy rates more competitive and affordable.  “It’s probably the single most important issue I hear about from residential consumers as well as commercial consumers,” she said ….” –
  • Some other electrical developments among First Nations near the RoF  “EA stage approved for First Nations power project — The Ontario government has approved the amended terms of reference for the proposed Wataynikaneyap power transmission line, which permits the project to move into the environmental assessment stage ….” – more on the project here
  • Lawyers include RoF in list of latest “indigenous conflicts across Canada”  “…. Northern Ontario’s mining region, nicknamed the “Ring of Fire” and located in the James Bay Lowlands, had run into development issues as a result of opposition by nine Matawa First Nations. Last year, the nations signed an agreement in relation to the development. Since signing the agreement, the province has agreed to create a framework for working with First Nations. However, the Matawa nations have now asked for a moratorium on all permits, so as to halt further development and planning until a framework for consultation is established ….”
  • An interesting idea from a NW Ontario think tank  “…. What if Noront sold half of their claims to the Matawa Tribal Council for $50-million? The Matawa would borrow the money with government-backed loans, similar to the taxpayer investments we’ve seen with auto companies, oil fields and infrastructure projects.
    Noront shareholders and financial backers would have their investments solidified by a now debt-free company. The investment world would see that all players are moving in the same direction, creating an environment for further partnerships that would move development forward. The First Nations in the Ring of Fire area would be partners in the investment, training, jobs, risks and profits. Money they earn on their stake would finance a deserved standard of living ….”Copy of op-ed if previous link doesn’t work
  • Another Liberal MPP shares the “make the feds pay” message  “…. Sault MPP David Orazietti …. said the province is committed to playing its part to create infrastructure that will see the Ring of Fire develop and grow the province’s economy but needs to see the federal government at the table …. the (RoF) minerals can’t be mined until a transportation system and power grid are built in the remote area of the province, which is expected to cost billions of dollars.  “The challenge is with the federal government and them matching our investment for infrastructure. We cannot do this alone and we have a lack of support with the federal government,” he said.  Orazietti said “the Ring of Fire is our economic development opportunity the federal government should recognize. It makes good sense.” ….”
  • Same message from a NW Ontario economist Livio Di Matteo  “…. Ontario business needs an unwavering federal commitment to new physical infrastructure, particularly with respect to transportation. Three areas worth considering are …. federal support to develop the Ring of Fire in northern Ontario via road access and electricity transmission to help the region become an investment frontier for both Ontario and Canada ….”
  • “Noront Issues Interest Shares, Makes Board of Directors Change and Grant of Stock OptionsNoront Resources Ltd. …. announced that payment of interest in the amount of $380,250 for the first quarter of 2015, pursuant to a loan agreement with Resource Capital Funds V L.P. dated February 26, 2013, will be satisfied by delivery of 728,588 of the Company’s common shares at an effective price of $0.5219 per Interest Share. The Interest Shares will be delivered on April 10, 2015 subject to a four month hold period, expiring on August 11, 2015 ….”
  • More on Cliffs getting out of things  “Cliffs to put mines, rails, ports up for sale in Quebec, N.L. — Idled Quebec iron ore mines, railways and port facilities, are about to be put up for sale as part of a court-supervised exit from eastern Canada by Cliffs Natural Resources ….”



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One Response

  1. mike marcotte says:

    I can’t see the feds, giving wingnut any money because of the liberals spending habits,,, and sure the feds feel she , wynn, can not be trusted to use the money wisely on the rof

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