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#RingOfFire (#RoF) News – June 10, 2016

  • Noront CEO Alan Coutts: Good with any easy access into RoF (but we’re not interested in owning transportation infrastructure) “… Although the road corridor is often viewed as a Noront project, Coutts insists they are a mining company, not an infrastructure company, and want to see the road taken care of by the province and companies in the business of building roads. “We don’t want to be infrastructure developers, we want to be infrastructure users. So we’ll stick to what we’re good at and let them build the infrastructure – come what may,” said Coutts. Noront is willing to support any proposal that will help establish easy transportation to the Ring of Fire region, provided that it is in line with environmental policy and can bring the local First Nations on board. This apparently includes KWG‘s railway corridor proposal which the company revealed this week may be paid for in its entirety by the Bank of China. “At Noront we’re a user of infrastructure, so we’re not going to pick and choose one project over another. If there’s a sound feasibility study that’s publicly available, if there’s financing that is really there and place, if there’s a consultation process with First Nations and an environmental assessment done, we would back any infrastructure proposal for the region,” replied Coutts when asked about the KWG railway deal with the Chinese. Noront has no reason not to work with KWG, said Coutts, especially considering that Noront is largest shareholder in KWG …”
  • KWG Resources CEO Frank Smeenk on Ontario Northland’s & First Nations’ roles on the (proposed) railway, via the company’s information machine (YouTube): “… They may participate in the management and operation of it, but I don’t think we’re going to be able to persuade the Ontario government to make them the owner of this new railroad, so we’re talking to the First Nations on how to do this together with them. We need their consent because the railroad will cross their traditional lands. If that’s forthcoming, it would only be on the basis that they do make some money somehow. That led us to conclude that they’d simply have to be partners in the mining operation. That way, we get social license from them to have this railroad operate at cost in their traditional territories…”One Noront prognostication, as of Wednesday past (8 June): “The stock of Noront Resources Ltd hit a new 52-week low and has $0.25 target or 14.00% below (8 June’s) $0.29 share price. The 6 months bearish chart indicates high risk for the $73.75 million company. The 1-year low was reported on Jun, 8 by Barchart.com. If the $0.25 price target is reached, the company will be worth $10.33 million less …”
  • A bit more on KWG’s proposal to share some equity with First NationsWebequie and Marten Falls First Nations are considering a revenue sharing proposal with KWG Resources that could create an equal partnership to develop the Ring of Fire. The agreement would transfer KWG’s mining claims into a limited partnership provided the two First Nations closest to the chromite deposit commit to an equal financial investment. The company have offered the communities $40 million in loans to create the fund …”
  • Timmins-James Bay federal New Democrat Charlie Angus underwhelmed with Ottawa’s recent record on mining  “… “The Liberal Party ran on a platform that said nothing about the mineral exploration community or mining. It’s one of the biggest drivers in our economy,” said Angus, who has long been a prominent MP with the NDP. “They’ve done nothing on the Ring of Fire.” …”
  • 125 years into the Ontario Geological Survey’s history, a bit on how it helped in the Ring “… When asked if the OGS mapped the Ring of Fire chromite deposits in the James Bay Lowlands, (acting OGS director Jack) Parker said it did some regional work in the 1970s, along with the federal government. There were rocks that suggested there was “chrome potential,” he said. When the OGS was working with first nations in the area, sampling stream sediment in the lowlands, geologists found extremely high levels of chromite. It turned out it was coming from the Ring of Fire, although geologists didn’t know it at the time …”

 

 

 


 

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