Ring of Fire News

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

#RingOfFire (#RoF) News – January 25, 2016

  • #RoF infrastructure hopes from the President of the Mining Association of Canada  “In the midst of a significant economic downturn, the mining industry is working hard to weather the storm, says the head of an Ottawa-based industry lobby group.  “The mining business is cyclical and even though we don’t like it, we are used to it,” said Pierre Gratton, president and chief executive officer of the Mining Association of Canada (MAC) … He said his association is hopeful the Trudeau government will align with that of Ontario Premier Kathleen Wynne and commit to funding for the Ring of Fire, one of Ontario’s largest potential mineral reserves …”
  • An update on one of the more background-ish U.K.-based #RoF players  “A number of investment brokers have recently updated their price targets on shares of Anglo Pacific Group. According to the latest broker reports outstanding on Monday 25th January, 3 analysts have a rating of “strong buy”, 0 analysts “buy”, 1 analysts “neutral”, 1 analysts “sell” and 0 analysts “strong sell” … Its Early-stage royalties include Dugbe 1 Gold Project, Railway Deposit (Pilbara), Ring of Fire Chromite Projects and Isua Iron Ore Project …”
  • More on Noront’s finance machinations  “Noront Resources announced the closing of its extension on its US$15 million convertible debt debenture.  The Toronto Ring of Fire project developer has extended the term of its US$15 million convertible debt debenture with its largest shareholder, Resource Capital Fund (RCF).  The debt comes due on June 30 with all other terms and conditions remaining the same including the interest rate of 8 per cent per annum payable in shares or cash at the option of RCF …”
  • One MPP’s read, from Toby Barrett (Conservative agriculture, food & rural affairs critic, Haldimand-Norfolk)  “… People striving to develop resources tell us they’re under siege in the North – the Endangered Species Act, the Far North Act, and a plethora of rules and regulations, never ending consultation and a dragging of feet by government.  Land use planning environmental assessments have all been delayed and still remain outstanding. According to the government, the delays are due to the time it has taken to consult with Aboriginal communities … As our resource-based economy continues to flounder, it’s unconscionable the world’s largest chromite deposit sits stalled …”
  • More on the Chinese helping (at least) look at a railway headed north  A Canadian mining company and Chinese railway builder have taken another step toward development of a north-south rail link to the Ring of Fire mining camp.  KWG Resources Inc. and China Railway First Survey and Design Institute Group Co., Ltd. (FSDI) signed a Memorandum of Understanding (19 Jan 2016)  setting out the terms for mutually proceeding with a feasibility study for the design and financing of a railroad into the James Bay lowland …”moremoremoremoremoremore

 

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