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#RingOfFire (#RoF) News – January 15, 2016

  •  So, how’s #RoF going, according to the mines minister’s update on his Mandate Letter promises?   This, from the update: “Discussions between Ontario and the Matawa-member First Nations continue and are guided by the Ring of Fire Regional Framework Agreement (RFA), which sets out principles and objectives that will help us chart a path forward … Since September 2014, my ministry has contributed $8.7 million to communities and tribal councils … In March, I announced a $785,000 investment with the Government of Canada, which enables Webequie First Nation, along with the First Nations of Eabametoong, Neskantaga and Nibinamik, to complete a regional study considering an all-season transportation corridor … We are committed to working collaboratively with the federal government to ensure that development moves forward in a way that maximizes the benefits for First Nations communities, as well as for Ontario and Canada.”
  • Responding to the update, opposition’s gotta oppose “… Although he has great respect for Gravelle as a Minister, Timmins – James Bay MPP Gilles Bisson said the entire letter is an attempt to put a positive spin on a track record that has seen progress on the mining development virtually grind to halt for seven years …”
  • Ontario’s Premier hasn’t forgotten the #RoF “… (During a visit to Thunder Bay this week, Kathleen) Wynne also spoke briefly about the Ring of Fire development and reiterated her promise of a billion dollars. While there are still no details about how that money will be spent, Wynne added it has been “locked away.” “
  • … and same with Ontario’s finance minister “The province is thinking long term when it comes to Northern infrastructure Charles Sousa says. The provincial finance minister, who held a pre-budget consultation meeting in Thunder Bay Thursday, said infrastructure investments in the North will help economic and social growth and make the region more competitive. While much of the development in the Ring of Fire is stalled, Sousa said the industry is cyclical and the province’s $1 billion commitment is still on the table regardless. “It’s wrong not to for us to be fostering economic prosperity and promotion of growth,” he said. “We’ve got to think long term.” …”
  • #RoF remains part of a bigger-picture transport study under way “The province is about a year away from rolling out a multi-modal transportation strategy for the North. Since 2011, the Ministry of Transportation (MTO) has been studying how people and freight move across the region … Tija Dirks, the MTO’s director of transportation planning, estimates a final report will be presented to premier and cabinet by January, 2017 … Extending infrastructure into the Far North to reach the mineral deposits in the Ring of Fire will be included in the strategy. Dirks said her ministry is working closely with the Ministry of Northern Development and Mines in supporting the Ring of Fire project. “The actual decision on how to proceed to support the actual mineral development will probably happen on its own track, but where this broader Northern strategy can help is making sure all this other secondary and tertiary supports and rest of network works to support that.” …”
  • In corporate news, Noront continues to raise funds “Noront Resources Ltd. is pleased to announce the closing of the previously announced extension on it US$15 million convertible debt debenture and sale of a 1% NSR. Noront has extended the term of its US$15 million convertible debt debenture with its largest shareholder, Resource Capital Fund V. The debt now comes due on June 30, 2016 with all other terms and conditions remaining the same including the interest rate of 8% per annum payable in shares or cash at the option of RCF. The Company has also closed the previously announced sale of a 1% NSR royalty over the Eagle’s Nest deposit to RCF for the sum of US$2.5 million. The agreement contains a buy-back provision whereby Noront can repurchase 50% of the royalty for US$3.125 million for a period of 30 months. The proceeds from this transaction were used to extinguish a US$2 million bridge loan payable to RCF and for working capital …”more

 

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