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#RingOfFire (#RoF) News – April 25, 2017

Some highlights since the last update …

  • #RingOfFire mentions in federal budget 2017?   More on that …
  • “NDP say Ring of Fire not in federal budget”
  • “(Nipissing Conservative MPP) Fedeli worried that federal budget silent on Ring of Fire”
  • Mineral explorers like fed budget despite no Ring of Fire money — PDAC pleased about tax credit, flow-through renewals …”
  • “(Algoma Manitoulin NDP MPP Mike) Mantha (and others) goes on the attack over Ring of Fire project”
  • Mo’ from Mantha “A Northern Ontario New Democrat says the Wynne Liberals continue to drop the ball with the Ring of Fire.  Mike Mantha of Algoma Manitoulin levelled the accusation during Question Period (in March).  Mantha says the government claims it’s committed to the chromite project but he says it’s always all talk with no action.   He says the Liberals have copied and pasted their $1-billion commitment to the Ring of Fire for the past three budgets yet nothing has happened …” (mynorthbaynow.com)
  • Let’s see how many mentions #RoF gets in the upcoming Ontario budget, scheduled for 27 April, then …
  • One of the federal Conservative leadership hopefuls – Erin O’Toolementions #RingOfFire during Thunder Bay visit “… From Kenora to Thunder Bay to Timmins, northerners know the needs of their communities and the tremendous potential of projects like the Ring of Fire. As an Ontario MP, I also recognize that the development of resources in our north not only creates jobs in this area of the province, but will benefit all Canadians through resource royalties and the addition of secondary processing jobs.  Northerners know all about the great potential of the Ring of Fire. Its known deposits are significant enough to sustain a century of mineral development. Yet, after more than a decade of mineral exploration activity and findings of rich resources, no infrastructure has been developed. Infrastructure that is critically needed to build mines, move people and goods, and grow the economy of Thunder Bay, Geraldton, Nipigon and beyond.  The Wynne Liberals requested $1 billion in infrastructure funding from the government of Canada in 2014, but never provided the necessary plan to flow the funding. Trudeau’s cabinet is largely made up of activists with no private sector experience and a history of opposing the resource industries and the jobs that flow from them. They certainly cannot be relied upon to build the Ring of Fire. …”  (Chronicle-Journal)
  • Ontario’s Minister: We haven’t forgotten  “Despite a report from the Fraser Institute listing Saskatchewan and Manitoba as No. 1 and No. 2 in mining in Canada, Ontario continues to be the driving force of the Canadian mining industry according to the Ministry of Northern Development and Mines.  Minister of Northern Development and Mines Bill Mauro, of Thunder Bay, opened the Ontario Mining Pavilion on Monday and spoke about the importance of the mining industry for Ontario, including future potential of the Ring of Fire.  “We are bringing $1 billion to the table to help prepare the infrastructure that will make the Ring of Fire a reality,” Mauro said. “We are committed to the project and we are looking to put shovels in the ground.” …” (timminstoday.com)

In corporate news, meanwhile …

  • “Noront signs exploration agreement with Marten Falls First Nation” (CBC) – Reuterscacompany news release
  • Noront adds some Aboriginal, Chinese and political players to its board “Noront Resources Ltd. … announced The Honourable Greg Rickford, former Canadian Minister of Natural Resources, Jean Paul (JP) Gladu, President and CEO of the Canadian Council for Aboriginal Business (CCAB) and Bo Liu, Senior Manager, Global Resource Development, Baosteel Resources International will join the company’s Board of Directors …” (company news release) – cackdr.netChronicle-JournalNorthern Ontario Business
  • KWG cuting a deal with Marten Falls, too (and prepares to visit China) “The Marten Falls First Nation has undertaken with KWG Resources Inc. to work towards establishing the principal terms of an equal partnership for the mining of chromite in the Ring of Fire. The parties envisage large-volume underground mining operations for the delivery of chromite raw materials by railroad, for further processing. The parties will travel to China in mid-May to establish interest in long-term offtake and financing arrangements there. They will also meet with China Railway First Survey & Design Institute Group (‘FSDI’) to discuss details of the feasibility study prepared for KWG last year by FSDI. The proposed railroad traverses the traditional territories of the Marten Falls, Webequie and Aroland First Nations.  The capital cost of creating the mining operation and its railroad is estimated to be $4 billion. The parties have requested that Ontario’s Ring of Fire Infrastructure Development Corporation indicate its willingness to provide a $1 billion guarantee as consideration for project financing terms from Chinese lenders …” (company news release)
  • KWG continues to pull in money for its work … “KWG Resources Inc. is pleased to announce closing … of its previously announced private placement of units at a price of $0.021 per Unit (see the Company’s news release dated March 3, 2017). The Company issued a total of 48,495,720 Units for aggregate gross proceeds of $1,018,410.13, in respect of which 23,847,605 Units were issued for cash proceeds of $500,799.71 and 24,648,115 Units were issued to insiders of the Company in settlement of debt in the aggregate of $517,610.42 …” (company news release)
  • … while carrying on with its shareholders “KWG Resources Inc. announces that on Friday, April 21, 2017 the Company held a special shareholders’ meeting, the shareholders voting in favour of two of the items tabled at the meeting, namely approval of the amendment to the stock option plan and setting the number of directors (between the minimum and maximum prescribed by the Company’s articles) at six (6). Given the extensive distribution of shares and the tight timing of mailing of meeting materials, the shareholders adjourned the meeting to allow additional votes to be received with respect to the third item tabled at meeting, namely a special resolution intended to create a new class of shares. The special meeting of shareholders of KWG will, therefore, reconvene at 11:00 p.m. (Toronto time) on May 12, 2017 at 199 Bay Street, Suite 2200, Toronto, Ontario …” (company news release)

 

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  1. […] #RingOfFire (#RoF) News – April 25, 2017 […]

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