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#RingOfFire (RoF) News – May 2, 2015

  • “Noront Resources Ltd completes ‘Ring of Fire’ acquisition after winning court approval — Noront Resources Ltd. has completed its acquisition of chromite assets in Northern Ontario’s “Ring of Fire” just days after the transaction looked like it might fall apart ….” – “Noront Announces Granting of Approval and Vesting Order and Closing of the Acquisition of Cliffs Chromite Assets”“Cliffs Natural Resources Inc. completes sale of its northern Ontario chromite assets”“Noront Resources Continues Forward in Ring of Fire”“Noront’s Ring of Fire purchase closes” “Noront seals Ring deal with Cliffs” –  –  –  –
  • “Cliffs nets $7.5M more than expected in Ring of Fire sale” — Cliffs Natural Resources Inc. announced Tuesday that it has completed the sale of its chromite assets in the Ring of Fire to Noront Resources Ltd.  “The assets were sold under a revised purchased agreement for US$27.5 million in cash, which is an increase of U.S. $7.5 million over the previously announced sale price of US$20 million,” the company said in a new release ….” –  “Cliffs Natural Resources Inc. Announces an Increase in the Sales Price for Chromite Assets”“Noront ups the ante, finalizes Ring of Fire chromite purchase”  “Noront ups the ante, finalizes Ring of Fire chromite purchase”
  • First Nation chiefs still POed about Cliffs chromite sale —  The chiefs of Marten Falls and Aroland First Nations said the sale of Cliffs Natural Resources’ chromite properties in the Ring of Fire to Noront Resources was not a fair one.  In an April 25 statement, Marten Falls Chief Bruce Achneepineskum and Chief Sonny Gagnon of Aroland said the bidding process was not “inclusive and transparent, leading to a potential unfair and biased outcome.”  The chiefs insist there is a “superior” bidder who has First Nation support, will benefit Cliffs’ creditors and help advance the chromite project ….” – more
  • “Noront Completes Acquisition of Securities of KWG Resources Inc. — Noront Resources Ltd. has completed the indirect acquisition of 111,733,215 common shares of KWG Resources Inc. from Cliffs Greene B.V. in connection with the previously-announced broader transaction pursuant to which Noront acquired certain other assets from affiliates of Cliffs Greene. The Purchased Shares of KWG are held by Noront’s wholly-owned subsidiary Noront Muketei Minerals Ltd.  As a result, Noront beneficially owns approximately 13.8% of the issued and outstanding common shares of KWG as at the date of acquisition ….”
  • “Rail idea in Ring of Fire gathering steam — The City of Timmins this week gave its formal approval to the Mushkegowuk Council plan to create a new railway link from the James Bay coast to the Ring Of Fire mining development.  The issue was put forward in a resolution of support (PDF) to be sent to the office of Premier Kathleen Wynne, to Northern Development and Mines Minister Michael Gravelle and to the Northeastern Ontario Municipal Association (NEOMA).  The support from Timmins is for an initiative first described in a Daily Press news story back in January when Mushkegowuk Grand Chief Lawrence Martin said there were plans in the works for Mushkegowuk to buy the Ontario Northland railway.  Martin revealed that a Toronto-based rail investment group, TGR Rail, had the funding in place if the province was ready to give the go-ahead for the purchase. Martin explained that a new rail line could be extended beyond the existing ONR line that runs from Cochrane to Moosonee ….”
  • “U of T instructors seek funds for Ring of Fire research — In early April, Shadi Ramos and Fionn Byrne, two Landscape Architecture instructors from the University of Toronto, launched a 40 day Kickstarter campaign for research on the Ring of Fire …. Trained as landscape architects, Ramos and Byrne are uniquely positioned to study and document the existing biophysical and sociocultural conditions surrounding the Ring of Fire. They will begin by traveling to the isolated communities of northern Ontario which will be affected by the future development to document and photograph this unique Canadian geography, showing the tremendous beauty of its landscape, the realities of living in the north, and the geology that holds so much value and potential for future development. After spending time in the north they will complement their collection of site photographs with plans, maps, analytical drawings and infographics that document the scale and scope of the site’s current and projected future situation ….” – Ring of Fire by Fionn Byrne & Shadi Ramos (Kickstarter page)
  • “Ontario Regional Chief Candidate Urges Joint Budget Planning with Ontario — On one hand, the Ontario Liberals must be commended for their fiscal determination in this years budget. On the other hand, there is much to be desired regarding the lack of fiscal foresight and commitment to do business with First Nations in Ontario based on ‘treaties’ as shared arrangements,” says Chief Isadore Day …. First Nations are sparsely highlighted in the 2015 Budget; Building Ontario Up. The province cannot go on generating taxes and extracting resources from ‘treaty’ lands without addressing treaty as a historical business arrangement. Yes, there is the ‘Ring of Fire’ – we must support the best results possible, meaning environment as well as economic outcomes; but what about the rest of Ontario’s revenues on treaty regions? ….”
  • “Province murky on its budget commitment to Ring of Fire — While the province reaffirmed its $1-billion commitment to transportation infrastructure for the Ring of Fire, the timeline for any government spending remains murky.  Nickel Belt (NDP) MPP France Gélinas expressed her disappointment after the Liberals announced the budget April 23 that the Ring of Fire funding had been taken out of the budget and pushed back to 2018, when Ontarians are due to return to the polls ….”
  • “(Federal #RoF) Minister Rickford Highlights the Benefits of Economic Action Plan 2015 for Northern Ontario — The Honourable Greg Rickford, Canada’s Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario, (Friday) delivered keynote remarks at an event hosted by the Thunder Bay Chamber of Commerce, the Thunder Bay Community Economic Development Commission and Ambassadors Northwest …. Economic Action Plan proposes to invest $23 million over five years, starting in 2015–16, for technological innovation in the area of rare earth elements and chromite, a key mineral and a focus of exploration in the Ring of Fire region. Unlocking the potential of commercial production of these elements represents a significant economic opportunity for Northern Ontario and all of Canada ….”
  • “Sudbury letter (from Fed #RoF Minister Rickford): MP wrong on Ring of Fire — I am disappointed but not surprised to read that Claude Gravelle, NDP member of parliament for Nickel Belt, is misleading your readers about the content of our federal balanced budget. Despite his claim otherwise, Budget 2015 indeed includes new support for the Ring of Fire, which would be evident had he bothered to read it.  As stated on page 218: “Chromite deposits located in Ontario’s Ring of Fire have production potential that could make Canada a significant global producer, processor and supplier of products that contain the critical metal chromium.”  Our budget therefore specifically proposes to allocate an additional $23 million to stimulate technological innovation needed to develop rare earth metals and chromite ….”

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