Ring of Fire News


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

#RingOfFire (#RoF) News – May 8, 2015

  • From a talk by ONTC interim pres & CEO Corina Moore to NE Ontario municipal leaders this week, via one reporter’s Twitter feed:  “Mayor of Timmins Steve Black asks if #ONTC has any funds to serve Ring of Fire. Moore says #ONTC needs to get house in order first” …. But Moore doesn’t rule out possibility of #ONTC serving Ring of Fire in the future.” – a few more details in a longer piece on the ONTC speech here
  • From the Franco-Nevada Corporation’s Q1 2015 Results this week:   …. On April 28, 2015, Franco-Nevada acquired royalty rights in the Ring of Fire mining district of Ontario by providing $28.5 million in loan and royalty financing to Noront Resources Ltd. ….”
  • Some of the latest from Ontario’s mines minister Michael Gravelle:  “Despite some frustration the Ring of Fire development has been at a standstill for years, Minister of Northern Development and Mines Michael Gravelle said it’s important to “get it right” before moving ahead with any infrastructure investments.  Gravelle was in Sudbury Thursday, where he addressed the city’s Chamber of Commerce with an update on Ontario’s mining sector.  While the province has committed to invest $1 billion to build infrastructure to connect the remote Ring of Fire mineral deposit by road, it has not yet provided any details as to when that work will begin.  “Timelines can and may be altered depending on moving forward with the work we’re doing with the Ring of Fire Development Corporation,” Gravelle said after his speech.  Gravelle said the companies involved in the Ring of Fire understand moving their deposits into production will take time ….”
  • Ontario Liberal MPP bashes feds  “…. (Sault MPP David) Orazietti (accused) the federal Conservatives of making significant investments in large projects in other provinces, but turning their back on the Ring of Fire chromium development in Northern Ontario, an asset with a potential value of $60 billion to the economy.  “[The federal government] is balancing its budget on the back of Ontario,” he said.  “And we have seen very little in the way of Ontario Conservative MPs standing up as a group for Ontario. I have not seen very much in the way of commentary from those Ontario MPs for things like the Ring of Fire. Where are those MPs saying we want fairness in Ontario for transfer payments?” ….”
  • Federal RoF Minister sets NDP MP Charlie Angus (Timmins-James Bay) straight:  “I am disappointed but not surprised that Charlie Angus, NDP Member of Parliament for Timmins-James Bay, misled your readers recently about the content of our federal balanced budget.  Despite his claim otherwise, Budget 2015 indeed includes new support for the Ring of Fire and FedNor, 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 ….”
  • Letter to the Editor:  “Hire only Ontarians for Ring of Fire work …. The (Ontario) Liberals have offered to put up $1 billion towards the Ring of Fire project. How many of the companies working on it will be based in Quebec and bring in their workers, leaving Ontario workers at home?  Any and all companies looking for funding for projects in Ontario should have to go by the same guidelines. They’re our tax dollars and they should support us ….”
  • Study:  it costs more to dig stuff up in the North and in remote areas  “Canada’s ‘rocks and trees’ economy faces high northern price tag: study — According to a new industry study, the cost to explore and build new mines is as much as 2.5 times higher in Canada’s far North than in the south, due to a lack of access, power lines, and just about everything you need to extract and ship tonnes of ore. “There are no roads, so you have to build roads,” says Pierre Gratton, CEO of the Mining Association of Canada, which produced the study along with the Prospectors & Developers Association of Canada, the Association of Consulting Engineering Companies, the NWT & Nunavut Chamber of Mines, and the Yukon Chamber of Mines. Canada’s mining industry contributed some $54 billion to the country’s GDP in 2013, and is the cornerstone industry of communities across the country. After all, Canada’s often called a ‘rocks and trees’ economy (though these days it’s often used as a criticism of Canada’s inability to evolve) ….“Levelling the Playing Field” (The Mining Association of Canada)


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