Ring of Fire News

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

#RingOfFire (#RoF) News – March 4, 2020


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#RingOfFire (#RoF) News – March 2, 2020


 

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#RingOfFire (#RoF) News – January 31, 2020





  • “… As for the Ring of Fire, (Ontario mines minister Greg) Rickford said there would be “no more regional brainwork” in the “not too distant future.” He added the province would be working with the communities in the region differently.  “We spent more than $20 million and sadly the Indigenous communities have not benefited from this and the leaders of those communities will tell you.”  The minister explained the government has done Indigenous communities and mining companies a “disservice” by being caught up in bureaucratic systems which have not benefited those proximal to the Ring of Fire.  When it comes to the region, Rickford said he would argue the larger economic prospect is tied to the infrastructure that supports it, meaning the government would be taking “an entirely different approach” and “building a corridor to prosperity so the communities in that region … will have roads not just to the North to any developments that occur but also to the South.  “The government of Ontario does not build mines. It’s the companies that build mines. Our job is to support infrastructure, and we are very close to developing full partnerships with the Indigenous communities.” …” (northernnews.ca)





 

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#RingOfFire (#RoF) News – December 6, 2019


 

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#RingOfFire (#RoF) News – November 22, 2019

  • Globe & Mail:  “The Ontario government appealed to Ottawa this summer to split a $1.6-billion construction bill for roads into the Ring of Fire region, despite mounting evidence the minerals project in the province’s North isn’t economically viable.  Documents reviewed by The Globe and Mail show that Greg Rickford, Ontario’s Minister of Energy, Northern Development and Mines, sent an e-mail in July to a number of federal ministers asking for Ottawa to kick in as much as $779-million to roughly match Ontario’s contribution.  As part of his business case for investing in the Ring of Fire, Mr. Rickford referenced a number of often-cited huge financial projections about the project that have no supporting evidence …”
  • “Noront considers building small-scale ferrochrome pilot plant in Sudbury” (sudbury.com) – ctvnews.ca
  • “On both sides of the river, resistance mounts over planned smelting plant … The new plant will be located on the Algoma Steel property located just across the river (in Sault Ste. Marie, Ontario), pending a land agreement with the steelmaker. However, some citizens on the American side are not happy regarding the decision. Local barista and LSSU student Tomantha Sylvester is one of two leaders of a Sault, Michigan-based protest group …” (sooeveningnews.com)
  • “Noront CEO Alan Coutts wants you to be confident” (notes, interview with Noront CEO Alan Coutts via wawa-news.com)
  • “Noront Resources Ltd. has closed a non-brokered private placement for gross proceeds of $2.06 million from the issuance of flow-through shares and units.  The Company issued 7,900,000 FT Shares at a price of C$0.25 per FT Share for gross proceeds of $1,975,000 and 425,000 Units at a price of C$0.20 per Unit for gross proceeds of $85,000 … Net proceeds from the private placement will be used for the exploration and development of the Company’s Eagle’s Nest Project and chromite deposits located in the Ring of Fire metals camp in Ontario and for general working capital purposes …” (company news release)
  • “Noront Resources Ltd. is announcing that it has entered into a seventh amending agreement dated October 31, 2019 with its largest shareholder, Resource Capital Fund V L.P., to extend the term of its existing US$15 million (CAN $19.9 million) convertible debenture …” (company news release)
  • Ontario Liberal Party leadership contender wants more attention paid to Ring of Fire“The Ford government continues to fail Sudbury and Northern Ontario, a leading candidate for the Ontario Liberal leadership says.  Steven Del Duca made the comments (earlier this month) as the provincial government presented its 2019 Ontario Economic Outlook and Fiscal Review … “I think it’s been more than a decade since (former) Premier McGuinty first talked about unlocking the Ring of Fire; we have to get on with it,” Del Duca said. “But we have to do it in a way that’s meaningful, where the partnerships are real and genuine, where the funding is at the table and the shovel gets in the ground, and we unlock that potential.” …” (thesudburystar.com)

 

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#RingOfFire (#RoF) News – October 28, 2019






  • “Noront Announces Non-Brokered Private Placement Of Up To C$2.5 Million … The net proceeds from the sale of Units will be for the exploration and development of the Company’s Eagle’s Nest Project and chromite deposits located in the Ring of Fire metals camp in Ontario and for general working capital purposes …” (company news release)
  • “Exploration Update for Noront McFaulds No.8 VMS Discovery … Next steps include establishing a maiden 43-101 compliant mineral resource for McFaulds No.8 and evaluating further targets on the property, including the application of additional ground gravity surveys in 2019. Noront’s vision for the McFaulds property is to establish adequate copper-zinc resources through a collection of high-grade VMS deposits to support a central milling complex …” (company news release)

 

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#RingOfFire (#RoF) News – September 12, 2019


 

 

 

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#RingOfFire (#RoF) News – August 27, 2019

  • Ontario walks away from framework agreement, goes for one-on-one deals …
  • This from The Canadian Press“Ontario is ripping up an agreement with First Nations on building road access to the Ring of Fire region in favour of pursuing individual deals with the nine communities, saying the move will speed up development of the mining project.  Greg Rickford, the minister in charge of the file, announced Tuesday that the new approach will mean the government can address specific community needs and opportunities with First Nation communities …” – more from CBC.ca & TBNewswatch
  • This, from a statement attributed to Ontario’s mines’ minister, Greg Rickford“Ontario’s government is working for the people by ending delays that prevent development in the Ring of Fire area – one of the most promising mineral development opportunities in over a century with the potential to sustain up to 5,500 jobs annually across Ontario within the first 10 years of development.  “Despite over a decade of talk and more than $20 million invested, real progress on the Ring of Fire has been met with delay after delay. That’s why Ontario is taking a new, pragmatic approach to unlocking the Ring of Fire’s potential, one that includes working directly with willing First Nation partners who want to move at the speed of business, to ensure sustainable development … By working toward bilateral agreements with First Nation partners on Ring of Fire development, the Province will also help address unique community needs and opportunities when it comes to developing the Ring of Fire …”
  • From a joint Noront-Marten Falls First Nation statement“Noront Resources and Marten Falls First Nation are pleased to jointly support today’s announcement regarding development in the Ring of Fire, made by Minister of Energy, Northern Development and Mines, and Minister of Indigenous Affairs, Greg Rickford.  Since the discovery of the Ring of Fire, we have worked collaboratively toward development of the region. We are encouraged by the Ontario government’s support and commitment to develop, on an expedited basis, the Ring of Fire mineral deposits and associated infrastructure which will be shared between community and industrial use … Together, Noront and Marten Falls will continue to engage the additional First Nations communities that are committed to developing the Ring of Fire and its associated infrastructure …”

  • In other #RoF news “Ontario’s Minister of Energy, Northern Development and Mines Greg Rickford was in Sault Ste. Marie on Tuesday to discuss updates on the Ring of Fire project … Rickford, along with Sault MPP Ross Romano and Noront Resources president and CEO Alan Coutts, held a press conference at Algoma Steel, where Coutts announced that Noront has signed memorandums of understanding with First Nations communities in the Ring of Fire area and is also in talks with Algoma Steel on the terms of the company’s tenancy for the construction and operation of the planned FPF which would be located adjacent to the steelmaking operation on Algoma Steel property …” (saultonline.com)

  • From the same news conference:  Noront discussing tenancy fees with Algoma Steel for ferrochrome facility … Coutts said “Noront is in discussions with Algoma Steel on the terms of our company’s tenancy for the construction and operation of our planned FPF which would be located here, adjacent to the steelmaking operation. The signing of the agreement would result in Algoma receiving an equity position in the Noront project,” Coutts said, that statement receiving a round of applause from Algoma Steel officials in attendance.  “There’ll be a fee for Noront’s tenancy on our property and it’s a way for us to dollarize, eventually, the value of some of the land we have which is excess land, if you like. It’s good news for Algoma Steel,” said Michael McQuade, Algoma Steel CEO …” (sootoday.com)

  • Speaking of Noront … Noront Resources Ltd (NOT.V)’s Stochastic Momentum Index is diving lower and has passed the key level of -40, indicating possible oversold territory.  The SMI indicator was developed by William Blau ad presented in Technical Analysis of Stocks & Commodities magazine in 1993, ten years after the original stochastic was invented.  The oscillator fluctuates between -100 and 100, and as such the indicator can be readily used to identify overbought and oversold levels …” (valliantnews.com, 27 Aug 2019)


  • Remember those billboards attributed to an ad agency with the same address as KWG Resources in Toronto?  “Anti-immigrant ads on billboards across Canada are being taken down after a public outcry and multiple petitions against them, the company that owns the billboards said.  The ads were launched in support of Maxime Bernier, leader of the small right-wing anti-immigration People’s Party of Canada, and called for a halt on mass immigration to Canada. They started appearing in several Canadian cities last week and were bought by True North Strong and Free Advertising Corp (TNSFAC) …” (Reuters, via nationnews.com)more from the National Observer


 

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#RingOfFire (#RoF) News – August 25, 2019


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#RingOfFire (#RoF) News – July 3, 2019



 

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