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#RingOfFire (#RoF) News – October 28, 2016

  • Some blunt-ish talk from KWG’s VP KWG Resources vice-president Moe Lavigne warned a gathering of Indigenous community leaders and mining industry members that until there is money behind them, the proposed mines that make up the Ring of Fire development will only ever exist on paper“Until this proposed development is funded, it’s not a project; it’s just a study of an opportunity. There are plenty of people out there that think this is an actual project — it’s not — it’s an opportunity,” said Lavigne.  The KWG executive was speaking at the sixth-annual Nishnawbe Aski Development Fund Mining Summit held in Timmins (last) week.  He continued to say the federal and provincial governments are being prevented from fully backing the projects by their voter bases which “want this part of Canada to be a park, or museum, and don’t want to see anything happening here.”  With neither government willing to go against the political pressure he believes is holding them back, Lavigne argued the only realistic way to get the Ring of Fire mines off the ground is through China.  “The people who understand this opportunity the best is China. They get the whole picture, they want to get their hands on some of our chromium, and they are willing to put their money on the table to make it happen,” he argued …”
  • Speaking of China, a mention/reminder here: “… KWG Resources has appointed Canarail to provide specialised professional services and data for the Ring of Fire railway feasibility study to be undertaken by China Railway First Survey & Design Institute Group …”
  • A bit of optimism for Noront stock on Thursday “The stock of Noront Resources Ltd is a huge mover today! The stock last traded at $0.26 per share. It is down 6.00% since September 27, 2016 and is uptrending. It has outperformed by 0.92% the S&P500.  The move comes after 8 months negative chart setup for the $80.29M company. It was reported on Oct, 27 by Barchart.com. We have $0.23 PT which if reached, will make CVE:NOT worth $8.03M less …”
  • I don’t know if a couple of questions and a bit of back & forth rates being called “centre stage”, but #RoF WAS mentioned in the Legislature this week. “The Ring of Fire took centre stage at Queen’s Park Wednesday.  In what became a heated debate at the provincial legislature, the opposition leader demanded answers about the Wynne Government’s seeming lack of progress on the Ring of Fire project.  This accusation of a lack of progress comes despite the billion-dollar pledge made by the governing Liberals in its 2015 and 2016 budgets …” – you can read the transcript of the exchange via the Ontario Legislature page here, or in PDF (2 pages) format here.

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2 Responses

  1. Mac Baren says:

    Maybe you missed Bob Rae speaking yesterday on the ROF and the duty to consult where he finally admits that small companies have no capacity to satisfy the Crowns duty even though his firm helped to destroy Solid Gold even before Ontario was authorized to delegate the duty to explorers under the amended Mining Act. The Act is unconstitutional and will be struck down eventually pursuant to the SCC in Haida 2004. (the Crown cannot delegate the duty to third parties.)
    http://parlvu.parl.gc.ca/XRender/en/PowerBrowser/PowerBrowserV2/20161027/-1/26024?globalstreamId=23&useragent=Mozilla/5.0%20(Windows%20NT%2010.0;%20WOW64;%20rv:49.0)%20Gecko/20100101%20Firefox/49.0

  2. Vic Laird says:

    Minorities Rule our nation. The CR would never be built today. China getting in on this is treason. They already control most of the worlds mines on foreign continents. If we don’t use our resources for our benefits, someone else will. Study history boys and girls!

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