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

#RingOfFire (#RoF) News – November 19, 2015

  • The chromite tax thing again? “Nipissing MPP Vic Fedeli presented evidence in the Ontario Legislature (5 Nov 2015) that the Wynne Liberal government is considering a chromite tax. “I ask the minister, did the Liberal government ever propose a chromite royalty? Is that why Cliffs left Ontario?” Fedeli asked during Question Period. Cliffs, an American Natural Resources Company, suspended the project in 2013 after numerous delays and difficult discussions with the province and the First Nations communities. After the Northern Development and Mines Minister refused to provide a direct answer to that question, Fedeli confronted him with documents released during the Gas Plant Scandal which show such a tax is indeed on the table ….” – more on this here and here
  • More digs from Ontario’s NDP “…. Last year, mining giant Cliffs, who spent $550 million in the Ring of Fire, said they can no longer do business with this Liberal government and sold their claims at a massive loss to Noront for $20 Million. They said they had “zero hope” and that every investment dollar spent here was a disaster. Noront Resources is one of the few remaining mining companies operating in the Ring of Fire. According to inside sources, the Ontario mining company is expected to halt spending by the end of year, causing enormous job losses if the Liberal government doesn’t make progress with infrastructure and First Nations agreements. This liberal government has had eight years and failed to come up with a plan that will create good jobs, build infrastructure, reduce the high price of electricity and work with First Nations. They have done nothing. I will continue to demand that this government support resource development in the north, working with communities, First Nations and industry to create good jobs.”
  • Editorial: “Open the north; get on with it — Ontario has just completed the fourth Northern Leaders Dialogue. Provincial, municipal and indigenous leaders gathered in Thunder Bay to discuss issues around development and transportation, part of the province’s growth plan for Northern Ontario. The advent of exploration around the rich Ring of Fire mineral belt has added urgency to the notion of opening the North. Yet there remains much indecision on whether transportation should be rail or road, east-west or north-south. Who should pay what share of the cost? While Ontario spins its wheels, what are neighbouring provinces and other jurisdictions doing? ….” – more on the Leaders Dialogue here, here and here
  • At least one Liberal MP “gets” access to the North (not just for industry, either) “…. (Kenora MP Bob) Nault, who was a railway union negotiator before his career in federal politics, said an all-weather access road into Ontario’s remote north is a no-brainer, noting that most provinces, including Quebec, Manitoba, Saskatchewan and Alberta, have one. Without a road, “two thirds of my riding remains isolated,” he said. Nault, who spent nearly five years as an Indian Affairs minister, said that in his view previous First Nation leaders were not as open to the concept of an access road which, he said, “should not just be about providing access for mining companies.” ….”
  • More reaction to that Finanical Post article “Northern Development Minister Michael Gravelle came under fire in the provincial legislature Thursday for inaction at the Ring of Fire, with the NDP charging that the Liberals are on track to kill a $60-billion mining project. The questioning followed a report earlier this week from the Financial Post that Noront Resources Ltd. warned the province that it will stop work unless they can show some progress has been made on First Nations agreements and infrastructure for the remote mining development. The company has spent millions on the Eagle’s Nest project in the Ring of Fire but work and spending could stop by end of December if progress isn’t made ….”
  • An analyst’s take on some Noront numbers this week “The stock of Noront Resources Ltd is a huge mover today! The stock decreased 3.16% or $0.015 on November 16, hitting $0.46. About 214,822 shares traded hands or 64.29% up from the average. Noront Resources Ltd has risen 6.00% since October 18, 2015 and is uptrending. It has outperformed by 8.54% the S&P500. he move comes after 8 months negative chart setup for the $108.91M company. It was reported on Nov, 17 by Barchart.com. We have $0.40 PT which if reached, will make Noront worth $15.25 million less ….”

 

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