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#RingOfFire (#RoF) News – March 23, 2016

  • Here’s the federal budget document released yesterday (PDF). Number of mentions of “Ring of Fire”? Zero. Number of mentions of “chromite”?  Zero
  • More on that “First Nations and long neglected federal services like Via Rail and national parks were among the winners Tuesday in the new Liberal government’s first budget, but other specific Northern interests like FedNor and Ring of Fire infrastructure didn’t make the cut …”
  • NDP MP Charlie Angus’ take? “In terms of the North, no commitment to the Ring of Fire. Nothing. I don’t get that at all.” – a bit more from Angus here.
  • I guess the budget folks didn’t listen to mining analyst Stan Sudol … “PM can save Ring of Fire”
  • Heck, even Ontario’s mines minister Michael Gravelle was optimistic – before the federal budget, anyway“… with the election of Prime Minister Trudeau and a new federal government, the prospect of Ontario having a willing and supportive partner in this project of national significance has increased. We are encouraged by their commitment to infrastructure and look forward to working with them on developing the Ring of Fire.”
  • Even before the budget, Ontario Tory mines critic Norm Miller sounded unhappy: “… “The frustration out there, and this sort of demonstrates it, is there’s a lot of talk” but nothing substantive happening on the ground …”
  • Gravelle answering questions about hiring a consulting firm to help build up the RoF Infrastructure Development Corporation “… In February 2014 Deloitte was hired to work with mining companies, first nations and the provincial and federal governments on the governance structure of the ROFIDC. During this time, Deloitte worked with the ROFIDC and its partners to determine the terms of reference for a technical review of infrastructure options in the Ring of Fire. “The procurement for this work occurred in late 2015 and engineering firm Hatch Mott MacDonald Ltd. was the successful candidate in that procurement. The study is currently underway and is in its early stages. “Once completed, this review will provide a common basis of technical information for key partners as discussions regarding industrial infrastructure development continue to advance.”
  • KWG moving forward with its R&D “KWG Resources Inc. is in the process of filing the National Phase in the above-identified countries under the Patent Cooperation Treaty to seek patent grants for its method to reduce chromite ore to metallics utilizing natural gas, a carbon reductant, and a catalyst formulation. The grant of a patent will be sought for the invention in each of the countries where the method might have commercial application and viability …”
  • … while seeking a few bucks out there in the market “KWG Resources Inc. has filed a Notice of Sale from Control with respect to all of its 144,630,000 common shares of affiliate Debut Diamonds Inc. The notice provides that the shares will be sold either in whole or in part and either privately or through the facilities of the Canadian Securities Exchange stock market …”
  • Noront pulling in more bucks“Noront Resources Ltd. is pleased to announce that … it has closed its short form prospectus offering and has raised gross proceeds of $6,332,772 through the issuance of the maximum number of units and flow-through units under the base deal, as well as the exercise of the over-allotment option, by the Agent …”
  • … after facing an interesting day on the markets earlier this month The stock of Noront Resources Ltd is a huge mover today! The stock decreased 1.43% or $0.005 on March 9, hitting $0.345. About 755,629 shares traded hands or 100.93% up from the average. Noront Resources Ltd has risen 6.00% since February 9, 2016 and is uptrending. It has outperformed by 11.66% the S&P500. The move comes after 7 months negative chart setup for the $84.23M company. It was reported on Mar, 10 by Barchart.com …” – more analysis here.

 

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