Ring of Fire News


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

#RingOfFire (#RoF) News – June 2, 2016

  • KWG Makin’ Deals (1)  And what OTHER tunes might whoever pays the piper call?  “China would pay for rail into Ring of Fire – KWG — KWG Resources expects it will have a deal with the state-owned Bank of China to fund the entire cost of their proposed railway corridor to the Ring of Fire by the end of this year.  The company’s vice-president of development, Moe Lavigne, told The (Timmins) Daily Press negotiations are well underway that could see the project – which some estimates say could cost $1.5 billion – entirely paid for by the Chinese in exchange for a secure source of chromite to support their country’s stainless steel industry.  “China understands the totality of this project and is interested in getting guaranteed delivery of chromium for the next few decades, and they’re willing to put up some money to make that happen. And in this case, the Bank of China appears to be willing to finance the building of the railroad,” said Lavigne …”
  • KWG Makin’ Deals (2)  “KWG Proposes Partnership With Webequie & Marten Falls — In meetings this week KWG Resources Inc. has discussed with the Chiefs of the Webequie and Marten Falls First Nations an outline of principal terms for the possible creation of an equal partnership through which to undertake the development and exploitation of mineral deposits in the Ring of Fire … … we have proposed to transfer our mining claims into a limited partnership provided that Webequie and Marten Falls make an investment into the limited partnership equal to KWG’s. We have offered to provide them with a non-recourse loan of $40 million to facilitate this.  The shares of the General Partner managing the limited partnership would be equally held by KWG as to half, and Webequie and Marten Falls jointly, as to the other half. Both shareholders would appoint an equal number of Directors but the Chairman of the Board would be a KWG nominee …”
  • In other industry news … “What’s Next for Noront Resources Ltd After (Wednesday)’s Huge Increase? — The stock of Noront Resources Ltd (was) a huge mover (Wednesday)! The stock is up 1.67% or $0.005 after the news, hitting $0.305 per share. About 183,147 shares traded hands or 13.17% up from the average. Noront Resources Ltd has risen 6.00% since May 2, 2016 and is uptrending. It has outperformed by 4.95% the S&P500 …”
  • On the political front, one editorialist thinks having a Sudburian in Ontario’s cabinet might help the Ring of Fire   “Glenn Thibeault belongs in cabinet … His inclusion in the cabinet would be good for Sudbury and under the right circumstances, the North. If Wynne really wants to shake things up, she would give Thibeault the responsibility of moving – actually moving – the stalled Ring of Fire project forward …”


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