Ring of Fire News

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#RingOfFire (#RoF) News – August 20, 2017

  • We’ll see …  “Sources say Premier Wynne set to make Ring of Fire announcement —  Premier Kathleen Wynne is set to make an announcement about the Ring of Fire.  Sources tell CTV the premier is expected to be in Thunder Bay on Monday to make an announcement about the Ring of Fire, but at this point there are no details or confirmation from provincial officials …”
  • Meanwhile … “Ring of Pants-on-Fire: Kathleen Wynne’s ‘weeks, not months’ deadline blows by — This spring, Ontario’s premier seemed determined to speed up negotiations on developing the mineral-rich Ring of Fire — then, nothing happened. John Michael McGrath ponders why …”
  • Good question …  “Are the feds ready to buy into the Ring of Fire? – Transport minister launches national $2-billion transportation infrastructure fund — It’ll be a wait-and-see proposition if Ottawa is finally ready to invest in mining-related transportation infrastructure for Northern Ontario’s Ring of Fire.  Federal transport minister Marc Garneau announced some of the details behind the Trade and Transportation Corridors Initiative (TTCI) as part of the government’s “nation-building infrastructure plan” on July 4 …”
  • Ontario mines minister Michael Gravelle back @ work  “Just over 5 months ago, I announced that I was stepping aside as Minister of Northern Development and Mines to deal with depression.  This time has given me the opportunity to work more closely with my health team to better understand the struggle I’ve been experiencing and how best to heal and recover.  I’m pleased to say that, while I have been away, I have made great progress in understanding this illness and how to cope with and treat it. But, like many with depression, I am continuing the hard work it takes to feel better. I’ll be the first to admit I’m not there yet.  But I’m standing in front of you here … because I feel that I now have the strength to begin transitioning back to the work that I love to do, for my community, for the North and for Ontario …” moremoremoremore
  • Elsewhere on the political front … “Sault MPP Ross Romano says he’s hoping to schedule a tour of the Ring of Fire area and its nearby five Indigenous communities later this summer.  “There’s a few challenges that we’re addressing now,” Romano said during a Northern Ontario media conference call led by PC leader Patrick Brown.  Romano, elected in a provincial byelection just more than a month ago, has been named Northern Ontario’s critic of jobs and the Ring of Fire.  He said that since starting his role about 40 days ago, he’s met with executives from NorOnt on three occasions and has established a good line of communications with them.  “I’m running a lot of laps on this one,” he told The Sault Star. “There is an issue that needs to be resolved and I am trying to assist the Economic Development Corp., who is lead on this one, for their bid submission to NorOnt.”  Brown said if the PC’s form the next provincial government, he vows to build the Ring of Fire transportation corridor and dedicate the funds needed to do so in order to create opportunities in the North …”
  • #RoF First Nation meets the miners  “On Aug. 8 and 9, 2017, Marten Falls First Nation held the first of its kind Mining Symposium, in Thunder Bay, Ontario for its membership, the traditional land holders in the Ring of Fire. The Symposium provided a venue for the membership to meet the companies conducting mining and exploration activities in the traditional territory of Marten Falls. The format allowed for the presenters to personally discuss and address the issues and concerns of the traditional land holders …”more
  • Mining Analyst Stan Sudol Commentary  “Mines can create Indigenous middle class in Ring of Fire … Wynne must focus on “economic reconciliation” if she is not to appear as a political hypocrite. Finalizing a road into the Ring of Fire with community spurs will ignite the economic development and jobs that the impoverished Indigenous communities in the Ring of Fire desperately need.  And for First Nation leaders, who might be opposed to mineral development, they should consider that 150 years of government support has done little to create economic prosperity in their impoverished communities and the lack of initiative during the first two years of a left-leaning, pro-Indigenous Trudeau administration is very troubling. But as the Inuit in Nunavut have learned, sustainable mineral development of their resources can be the foundation of an Indigenous middle-class that they so rightly deserve.”
  • More on where Noront’s (proposed, for now) smelter’s going to go – “Toronto-based mining company Noront Resources revealed its plan to build a ferrochrome processing facility (FPF) in Northern Ontario (19 Jul 2017) at the Valhalla Inn to a crowd of about 130 people.  The company is considering locating the plant, which could initially create up to 350 jobs, in either Thunder Bay, Sault Ste. Marie, Timmins or Sudbury.  The Thunder Bay Community Economic Development Commission (CEDC) and Fort William First Nation Economic Development Corporation invited Noront to deliver a preliminary presentation about plans for the FPF, and to discuss any advancements with the Ring of Fire, a mineral-rich zone located 400 kilometres northeast of Thunder Bay …” more (City of Thunder Bay statement) – moremore
  • Meanwyhile, some ec-dev re-org @ the Soo  “The grim reality of economic uncertainty in Sault Ste. Marie has led to a shakeup in the northeastern Ontario city’s approach to economic development.  A day after council decided that the city’s model for the Economic Development Corp. (EDC) , and the Innovation Centre needed restructuring, with $444,656 cut from the EDC’s budget to be spent elsewhere, Tom Dodds, the Sault’s economic development CEO tendered his resignation on Aug. 1 … (Rob Reid, president and chair of the EDC’s board of directors) doesn’t expect these organizational changes to negatively impact the Sault’s bid to land a potential ferrochrome smelter to process chromite from the Ring of Fire …”
  • Analyst’s take on Noront (1)  Penny stock shareholders are becoming inquisitive about NORONT RESOURCES LTD (OTCMKTS:NOSOF), following the fact that the share price has moved $-0.006, reaching the $0.186 price level in a recent trade.  A big benefit of investing in small-cap shares is that there is a prospect to outpace the institutional investors. In addition, mutual funds have limits controlling their power to purchase large lots of any one firm’s outstanding shares …” (7 Aug 2017)
  • Analyst’s take on Noront (2)  “The stock of NORONT RESOURCES LTD (OTCMKTS:NOSOF) registered a decrease of 82.11% in short interest. NOSOF’s total short interest was 18,300 shares in August as published by FINRA. Its down 82.11% from 102,300 shares, reported previously. With 91,700 shares average volume, it will take short sellers 0 days to cover their NOSOF’s short positions.  The stock increased 0.88% or $0.002 on August 14, reaching $0.241 …” (14 Aug 2017)
  • Analyst’s take on Noront (3)  “When applying indicators for technical analysis, traders and investors might want to check out the ATR or Average True Range. The current 14-day ATR for Noront Resources Ltd (NOSOF) is currently sitting at 0.01. The ATR basically measures the volatility of a stock on a day-to-day basis. The average true range is typically based on 14 periods and may be calculated daily, weekly, monthly, or intraday. The ATR is not considered a directional indicator, but it may reflect the strength of a particular move …” (14 Aug 2017)
  • Fundraising news from KWG (1)  “KWG Resources Inc. is pleased to announce closing (1 Aug 2017) of an additional tranche of its previously announced private placement of units at a price of $0.021 per Unit. The Company issued a total of 2,868,428 Units for aggregate gross proceeds of $60,237 … The gross proceeds received by the Company from the sale of the Units will be used by KWG principally to improve its financial position, to pay the fees associated with this Private Placement and for general corporate expenses …”
  • Fundraising news from KWG (2)  “KWG Resources Inc. is pleased to announce closing effective as of June 30, 2017 of an additional tranche of its previously announced private placement of units at a price of $0.021 per Unit. The Company issued a total of 4,915,714 Units for aggregate gross proceeds of $103,230 … The gross proceeds received by the Company from the sale of the Units will be used by KWG principally to improve its financial position, to pay the fees associated with this Private Placement and for general corporate expenses …”
  • Not just main #RoF players could benefit from infrastructure into the area  “Tom Morris is excited to be finally returning to his roots.  The president-CEO of Northern Superior Resources has two projects on the go this summer as his Sudbury exploration outfit advances a promising Quebec gold project while simultaneously blowing the dust off a mothballed gold and base metals property in Ontario’s Far North … After raising more than $4 million in flow-through dollars, and $2 million coming from strategic mining investor Eric Sprott, the company entered the summer field season with renewed optimism … This summer they’re putting boots back on the ground at their Ti-pa-haa-kaa-ning (TPK) gold-silver-copper property in the James Bay lowlands … Located 30 kilometres west of the Ring of Fire, Morris said whatever road infrastructure is installed to reach those chromite and nickel deposits is sure to benefit his company …” – more (PDF, company news release)

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#RingOfFire (#RoF) News – June 23, 2017

  • More on Sault Ste. Marie & Sioux Lookout looking for some RoF linkages “The Sault Ste. Marie Economic Development Corp. is joining their counterparts in Sioux Lookout to support initiatives that will bring economic diversity to the North with the Ring of FireThe proposal calls for a trans-load facility to be established in Sioux Lookout, where raw materials can be trucked and transported via rail across the region.  Sault Ste. Marie was selected as the ideal partner for the project because of its location, history and infrastructure, said EDC CEO Tom Dodds.  Dodds was recently in Sioux Lookout to tour the proposed trans-load facility location and discuss integrated transportation systems and the commercial and industrial networks that could benefit from the proposal.  “Our concept is the same and we see the synergies that could be created from an east west route,” Dodds said.  That east-west route, would run along an old winter road system that is already in place to service communities to Pickle Lake …” more (mynorthbaynow.com)
  • Still with the “who gets the smelter?” hunt “Noront Resources’ search for a home for a potential ferrochrome smelter took them to Sudbury and Timmins in mid-JuneThe largest claim holder in the Ring of Fire recently tweeted photos of visits to the northeastern Ontario cities as part of a pan-Northern Ontario scan to find a suitable landing spot for a $600-million to $800-million processing plant.  Sudbury, Timmins, Sault Ste. Marie and Thunder Bay-Fort William First Nation are in the mix to host the facility which could be years away from construction given the slow pace of development talks between the Ontario government and First Nation communities in the James Bay region …”
  • One analyst’s take on Noront“The Price to book ratio is the current share price of a company divided by the book value per share. The Price to Book ratio for Noront Resources Ltd. is -7.009414.  A lower price to book ratio indicates that the stock might be undervalued.  Similarly, Price to cash flow ratio is another helpful ratio in determining a company’s value.  The Price to Cash Flow for Noront Resources Ltd. is -12.091297.  This ratio is calculated by dividing the market value of a company by cash from operating activities.  Additionally, the price to earnings ratio is another popular way for analysts and investors to determine a company’s profitability.  The price to earnings ratio for Noront Resources Ltd. is -6.652539. This ratio is found by taking the current share price and dividing by earnings per share …”
  • … and another’s “Noront Resources Ltd delivered 112.4% ROE (Return on Equity) in the last year. However, to put Noront Resources’s Return on Equity in perspective, we must compare it to the performance of its industry, which averaged an ROE of 18.17%. Although, Noront Resources appears to outperform the industry, we can call it more efficient only after assessing the role of leverage in generating those returns and its sustainability based on current financial health …”
  • Here’s whazzup one of the other Rof players … “Bold Ventures Inc. and Marten Falls First Nation are pleased to announce the signing of a Memorandum of Understanding that outlines the values that both the First Nation and the Company will uphold in their relationship. This agreement provides the frame of reference and guidance for both the Company and the First Nation regarding exploration and development work within the Marten Falls First Nation traditional lands …” – more from a recent company update here
  • … and another “Golden Share Mining Corporation is pleased to announce that it has filed Articles of Amendment to change its name to Golden Share Resources Corporation. Shareholders approved a special resolution to change the name at the Company’s Annual and Special Shareholders Meeting held on June 22, 2017 … Golden Share’s participation of a potential rail road to the Ring of Fire region located in north-western Ontario provides tremendous potential for the Company …”
  • Some Fraser Institute think-tank commentary … “IT’S OFTEN said that successful First Nations must operate at the speed of business, not the speed of government. That certainly applies to First Nations affected by the Ring of Fire mining proposal.  Long delays and lack of communication between governments and the nine First Nation communities involved have plagued efforts to establish mining of largely chromite deposits in the region 500 km north of Thunder Bay.  A central bone of contention is the construction of an all-season transportation corridor to get the mined ore to plants in Northern Ontario where it can be refined …”
  • … and a bit of pessimism from a mining company with no dog in the RoF fight: “… “The Ring of Fire . . . is too much pie in the sky,” Gino Chitaroni says.  “There are too many working parts. You don’t need millions of dollars there. You need billions. There is no way in hell it will be developed anytime soon.”  Chitaroni, president and manager of PolyMet Labs in this old mining town, says political problems are delaying the Ring of Fire project in northwestern Ontario even more. It will be at least a decade – probably more – before anything comes out of it, he believes …”
  • RoF an example of how a proposed infrastructure fund could help “Any government initiative with a $35-billion price tag is bound to drum up political debate, and the Canada Infrastructure Bank (CIB) has been seeing its fair share. But I stand with the International Monetary Fund, Canadian and global business groups, and aboriginal organizations who say that the CIB, if well structured, is exactly what Canada needs to grow the economy over the long term … It could help finance run-of-river hydro in Nunavut and take mines and communities off diesel. And we already know how helpful a road would be to Ontario’s Ring of Fire region …” – more on the CIB idea from the Infrastructure Canada info-machine here
  • And, among the Tory seats of the Ontario Legislature … “With Ross Romano named the new Progressive Conservative critic for the Ring of Fire, Vic Fedeli of Nipissing wouldn’t be surprised if the rookie Sault Ste. Marie MPP is already planning a visit to the chromite site. He says the two biggest players at the site, Noront Resources and KWG have been very active recently at the site on their own no thanks to the Wynne Liberals …”

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#RingOfFire (#RoF) News – June 12, 2017

  • New KWG-First Nation partnership afoot KWG Resources Inc. and Marten Falls First Nation have agreed to negotiate the terms of a partnership agreement for mining undertakings in the traditional territories of MFFN, particularly chromite resources in the Ring of Fire. The partnership has been conceived of as an equal sharing of profits that may be derived from mining activities after provision for fully-absorbed manufacturing costs, including comminution, concentration and transportation, plus reclamation, and the amortization of project-finance borrowings …” (company news release) – more (Sudbury Star) – more (Northern Ontario Business)
  • More from KWG’s Chinese experts on the proposed railway north into the RoF“A delegation of KWG Resources and Marten Falls First Nation (MFFN), one of the communities near the Ring of Fire deposits, completed a trip to China to lay the foundation for a Far North railway and project financing. A June 1 KWG release said the group was provided with an overview of the feasibility study began last year, when they most recently visited with their project partner, China Railway First Survey & Design Institute Group (FSDI), at its headquarters in Xian, China on May 15 …”
  • … as well as some work toward getting the Soo a piece of the action from another proposed east-west route into the Ring “Economic development officials in Sault Ste. Marie and Sioux Lookout, Ont. are partnering on a joint initiative to support the Ring of Fire. The proposal calls for a trans‐load facility to be established in Sioux Lookout, where raw materials can be trucked then transported via rail across the region.  To help move the project forward, and to represent his community at the project table, Tom Dodds, CEO of the Sault Ste. Marie Economic Development Corporation, attended a meeting … of the Sioux Lookout Trans‐load Facility Partners …”
  • In other corporate news, a new face on the Noront board“Noront Resources Ltd. … announced that John Pollesel, Senior Vice President, Mining at Finning Canada has been appointed to the company’s Board of directors. Pollesel has over 25 years of mining, operations and finance experience. He was previously Chief Operating Officer and Director of Base Metals Operations for Vale’s North Atlantic Operations, with responsibility for Sudbury, Voisey’s Bay and Manitoba operations along with other mining and metallurgical assets. Prior to that, he was Vice President and General Manager for Vale’s Ontario Operations …”
  • … and KWG pulling in mo’ money & paying some bills “KWG Resources Inc. is pleased to announce closing effective as of June 6, 2017 of an additional tranche of its previously announced private placement (the “Private Placement“) of units (each, a “Unit“) at a price of $0.021 per Unit … The Company issued a total of 8,809,524 Units for aggregate gross proceeds of $185,000, in respect of which 5,000,000 Units were issued for cash proceeds of $105,000 and 3,809,524 Units were issued to a consultant of the Company in payment of consulting fee in the aggregate of $80,000 …”
  • Headline & sub-heading seems to sum it up: The Ring is there – what’s needed is fire to get the job done, says Moe Lavigne — Talking about the Ring of Fire has become an industry unto itself,’ said the KWG Resources Vice President …”
  • A bit of an overview of the latest via sudbury.com
  • as well as myespanola.com
  • On the political front, Ontario’s Tories name a new Ring of Fire critic … Sault Ste Marie’s new MPP, Ross Romano, will be the PC critic for Northern Ontario jobs and the Ring of Fire. Ontario PC Leader Patrick Brown made the announcement at Queen’s Park, updating critic roles for his caucus.  “As our newest MPP for Sault Ste. Marie, I’m looking forward to having Ross Romano work hard every day for Northern Ontario families and as part of the PC caucus,” said Brown in a release. “Ross won a riding that the Ontario PCs have not won in 30 years due to his hard work and commitment. Given his background in serving his community as a city councillor, I know he will dedicate his efforts at Queen’s Park to bring about positive change.” …”
  • … while Ontario Conservative leader Patrick Brown mentions the RoF during recent campaigning “… While knocking on doors during the byelection, Brown said the main issue he heard was the government’s inaction on the Ring of Fire — an estimated $60 billion in chromite deposits located about 400 kilometres northeast of Thunder Bay that the PC leader calls a ‘generational opportunity’. Timmins and Sault Ste. Marie are being suggested as possible locations for a future ferrochrome smelter to process the chromite, which can then be used in the manufacturing of stainless steel.  “The fact the government is not at the table pushing the infrastructure investment is a huge problem. There would be spinoff jobs across northern Ontario with the Ring of Fire,” said Brown.  The development of a transportation corridor, currently under consideration by the Liberal government, would be a priority for Brown …”

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#RingOfFire (#RoF) News – June 2, 2017


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#RingOfFire (#RoF) News – May 26, 2017

  • Stand by for Ontario’s Ring of Fire plan? “ “Very soon.”  That’s the best answer Ontario premier Kathleen Wynne gave while commenting on when Ontario might see some progress on the Ring of Fire mining development, located in the James Bay Lowlands.  Wynne made the comment in Timmins Thursday morning (23 May 2017) where she was speaking at the Timmins Family YMCA and meeting with community leaders …” – more on her tour o’ Northern Ontario here, here and here
  • #RoF mention in a “let’s get resource projects going” (the other being the Trans Mountain pipeline) editorial “It is in the best interest of Canada and all Canadians that this country get its act together and get its natural resources to market more quicklyBut don’t take our word for it …  Earlier this month, a clearly impatient Premier Wynne told First Nations communities in Northern Ontario she’s ready to abandon joint talks with them over building roads into the mineral-rich Ring of Fire region.  Her government, she stated in no uncertain terms, is committed to opening the area to mining very soon … both Wynne and Notley realize getting these natural resource projects up and running would not only create jobs and strengthen the economy, it would help fund the government services we all need.  That’s why Wynne told the chiefs of nine Matawa First Nations in Northern Ontario she will tolerate no more delays in her plan to build a road — with $1 billion in provincial funding — into the Ring of Fire region.  That’s a tough but timely message …”
  • A quick update/pitch from Ontario’s former Ring of Fire boss “The Ontario government’s goals of fostering a culture of innovation and enhancing relationships with Indigenous people and communities are key to its mineral development strategy, including development of the Ring of Fire in Northern Ontario, Christine Kaszycki said on Thursday.  Kaszycki, the assistant deputy minister for the Ministry of Northern Development and Mines mines and minerals division, also spoke about opportunities for the Sudbury region during a Greater Sudbury Chamber of Commerce luncheon at the Copper Cliff Italian Club …”
  • Timmins wants a ferrochrome smelter, continued … “When it was recently revealed that Timmins was back on the “shortlist” as the site of a possible refinery for the Ring of Fire nickel and chromite deposit, city officials wasting no time getting to work on a new plan. It was just last week that Noront Resources CEO Alan Coutts revealed that Thunder Bay, Sault Ste. Marie, Sudbury and Timmins were all being considered for the location of a new smelter. Noront is the mining company with the largest land holdings in the huge mineral prospect located some 600 kilometres northwest of Timmins at McFaulds Lake … Timmins Mayor Steve Black confirmed that the city is preparing a proposal.  “We have been having discussions. This is something that obviously all of Northern Ontario has been watching and following very closely and every time we go to one of these mining events where we have the opportunity to meet Mr. Coutts and his team, we continue to emphasize that Timmins is the place where this facility should be,” Black told The Daily Press …”
  • … while a Sault Ste. Marie pundit pipes in, too“… The CEO of NORONT (Alan Coutts) was recently in the Soo,  and in an interview with CBC radio implied,  (more than implied actually) that SSM has an edge over the other competing communities to have the plant built here. Among the most important criteria to be factored in are the fact that we are located on the American border and on the Great Lakes ; one of the their goals is to ship the finished product through the Great Lakes  to American companies. Another reason is that we already have a diverse and skilled workforce (familiar with steel making and it’s offshoot processes)  that is open and desperate to cooperate.  Through meeting local officials he was impressed with the fact that we would welcome the investment in our community and work with his company to bring the project to pass …”
  • … as well as candidates for the provincial seat in the Soo as well “… Much of the discussion centered around the development of the Ring of Fire and the chromite smelter that Noront Resources is considering building in one of four northern Ontario cities, including the Sault …”
  • One analyst’s take on Noront about a week ago: “Interested investors have been looking for information on shares of NORONT RESOURCES LTD after the stock moved $-0.006, hitting the $0.186 price point in a recent tradeIt’s the latest price, but let’s analyze how the stock has been doing recently. In the past year, NORONT RESOURCES LTD’s stock was big mover. According to the short interest report published recently, (NOSOF) had 26,600 shorted shares for 0.4 days to cover. The prior short interest was 6,800 for a $291.18 change. The 52-Week High and Low are noted here. -52.31 % (High), 16.25 %, (Low). The stock had 62,600 average volume …”
  • And as of Wednesday of this week? “Noront Resources Ltd shares are moving today on volatility 5.56% or $0.015 from the open. The TSXV listed company saw a recent bid of $0.285 and 68000 shares have traded hands in the session …”
  • Another analyst’s take on how Noront’s doing “Investors considering positions in Noront Resources Ltd., might be interested in the Gross Margin Score of the company. The shares currently have a score of 64.00000. This score is derived from the Gross Margin (Marx) stability and growth over the previous eight years. The Gross Margin score lands on a scale from 1 to 100 where a score of 1 would be considered positive, and a score of 100 would be seen as negative.  The low score of 64.00000 for Noront Resources Ltd. indicates a top score for stability and growth …”
  • More from the authors of this study on how to get things going in the Ring of Fire “Premier Kathleen Wynne has jumped into the long-standing debate over the Ring of Fire in Northern Ontario. Last week, she called on northern chiefs to seize the province’s offer to spend $1 billion on crucial road development and to not “squander” the opportunity for economic development in an area desperate for work and social improvements. The premier’s blunt intervention is a sign of the pent-up frustration among governments, companies and indigenous communities about the slow progress and endless negotiations surrounding the region’s vast deposits of chromite, nickel and other minerals …”

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#RingOfFire (#RoF) News – May 18, 2017


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#RingOfFire (#RoF) News – May 12, 2017

  • Tick, tick, tick … “NorOnt Resources will decide by the end of summer where it will build its ferrochrome facility.  Top executives from the operation were in Sault Ste. Marie Wednesday meeting with community leaders and the Chamber of Commerce members outlining their plans and how the Ring of Fire development can provide an economic boost to Northern Ontario communities.  lan Coutts, president and CEO of NorOnt Resources said he wants communities to understand the company and its capabilities and have the supports in place if the community is chosen to host the first ferrochrome facility in North America …”
  • Sudbury wants a smelter, …
  • Timmins wants it
  • and the Soo (as well as those running for a provincial seat there) certainly wants it, too.
  • Noront: Ontario needs to step up before we decide on a smelter  “At least four communities are in the running to host a $1-billion ferrochrome facility to process ore from the Ring of Fire, located in northwestern Ontario.  Top executives with Noront Resources were in Sault Ste. Marie Wednesday and said they will decide by the end of summer where the company will build its ferrochrome facility, which is expected to create up to 350 jobs.  Sudbury, Sault Ste. Marie, Timmins and Thunder Bay-Fort William are competing for the plant.  The Noront executives met with community leaders and chamber of commerce members in the Sault, outlining their plans and how the Ring of Fire development can provide an economic boost to Northern Ontario.  Alan Coutts, president and CEO of Noront Resources, said he wants communities to understand the company and its capabilities, and have the supports in place if that community is chosen to host the first ferrochrome facility in North America … But nothing can be done until the province determines where roads should be built to the Ring of Fire area and the infrastructure is in place to get to the mineral deposits, Coutts said.  Noront is urging the province to come to a conclusion about where the road should be built to connect to the nearest highway, about 280 km away, and move forward with the infrastructure to make it a reality …”
  • Premier: First Nations need to decide  “Premier Kathleen Wynne is warning fly-in First Nations in Northern Ontario they must quickly agree on the construction of a road into their region – one that would also serve mining interests in the so-called Ring of Fire – or she will negotiate unilaterally with those communities that want the project.  It has been three years since the Ontario government said it would spend up to $1-billion to create an all-season road that would make development possible in the massive cache of chromite and other minerals as it connects to some reserves that are not currently accessible by car.  But little progress has been made, in part because the First Nations do not agree among themselves on how to proceed and are concerned about losing jurisdictional rights in the process. Negotiations with provincial officials have not always been productive …”
  • Ontario NDP Leader on Ontario Budget 2017 “…“Not one dime in Wynne’s budget is committed to the Ring of Fire,” said (Andrea) Horwath. “Failing to even mention a project with such massive potential – to create jobs, to grow the economy and to deliver prosperity for workers and their families – I think that’s wrong. To overlook the vast potential of the north is wrong.” …”more
  • Premier: It’s in there, really … “For weeks the NDP and Progressive Conservatives have said the budget drops all references to the Ring of Fire.  Both parties say they can’t find any mention of the $1 billion the Liberals committed earlier in time for the chromite project.   Mike Mantha of Algoma Manitoulin was the latest to ask the Premier during Question Period what happened to the money.   Kathleen Wynne says the money has not been removed and that it’s referenced on page 73 of the budget …”
  • Fact Check — Check page 73 of the budget document here (330 page PDF), and you’ll see it talks about infrastructure funding, but if you do a word search for “Ring of Fire” on the document, it doesn’t appear once.
  • … and I really DO want the Ring of Fire developed “…Wynne also says her government is still committed to the Ring of Fire. She says the $1 billion in funding for infrastructure for the Ring of Fire is still in place, and added the province is still working with the surrounding communities to get development going. Wynne finished the discussion about the Ring of Fire by saying there’s no one in the province who wants shovels in the ground at the Ring of Fire than her.”more
  • Meanwhile, in other corporate news … “KWG Resources Inc. announces that the adjourned Special Meeting of Shareholders of KWG has been cancelled by the Company’s board of directors. It was scheduled to reconvene on Friday, May 12, 2017 but management was unable to solicit sufficient proxies to vote in favour of passing the special resolution and thus the cost of convening the adjourned meeting was not warranted at this time. KWG is also pleased to announce that Bruce Hodgman has been promoted and appointed as a Vice President of the Company …” – a bit more from Hodgman’s LinkedIn profile here

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#RingOfFire (#RoF) News – May 10, 2017

  • More reminders of zero #RoF mentions in the latest Ontario Budget, via com (more), Northern Ontario Business, mynorthbaynow.com (more, more), mywestnipissingnow.com (more), the Toronto Star and the Sudbury Star.
  • With campaigning toward a a June 1st by-election in the Soo, smelter talk is bubbling up again: “…it looks like the Ring of Fire could become an election issue in the Sault Ste. Marie by-election.  P.C. candidate Ross Romano is promising to build a plant in the Sault to process the ore from the chromite site.  Several years ago when he was the minister of northern development and mines and MPP for Sudbury, Rick Bartolucci promised a similar refinery for Capreol before everything got derailed …”
  • More smelter talk, this time from Noront: “It’s time to get political about the Ring of Fire.  Noront Resources, the leading mine developer in the Far North, is eyeing Sault Ste. Marie as one of four sites in Northern Ontario for a potential ferrochrome smelter.  Company president-CEO Alan Coutts is making it known he’s putting mining on the campaign agenda in that city’s upcoming provincial byelection on June 1 …  The Sault is on Noront’s shortlist – along with Timmins, Sudbury and Thunder Bay/Fort William First Nation – to be the host community for a $600 million to $800-million plant to process chromite into ferrochrome, a critical ingredient used in stainless steel production.  Between now and the end of June, Coutts and his chief development officer, Steve Flewelling, will be visiting prospective sites and making public presentations in each city …”
  • In other Noront news“Shares of Noront Resources Ltd (NOT.V) is moving on volatility (Monday 8 May) 6.67% or $0.015 from the open. The TSXV listed company saw a recent bid of 0.24 on 56673 volume. Now let’s take a look at how the fundamentals are stacking up for Noront Resources Ltd (NOT.V). Fundamental analysis takes into consideration market, industry and stock conditions to help determine if the shares are correctly valued. Noront Resources Ltd currently has a yearly EPS of -0.04 …”
  • So, what’s the Northern Ontario Party promising for the Ring of Fire? From a platform summary:   “…We will undertake investment partnerships with mining companies and claim owners to begin building the required infrastructure for the Ring of Fire project including an access road and/or rail line north from Nakina. All provincially funded builders/developers will be sourced from within Northern Ontario, hiring Northern Ontarians …”
  • Another #RoF letter to the editor from Don Wallace: “The word that KWG Resources along with Marten Falls First Nation reps are off to China to discuss a rail line to the Ring of Fire mineral deposits’ has been quickly followed by shocking news that Queens Park did not mention the Ring of Fire in last week’s budget or its long-time promise of $1 billion to support the Ring project. Why?  Is it that Queen’s Park can’t handle the notion of the Chinese doing business in Northern Ontario? Or is it that Queen’s Park has its own plan? Not likely given 10 years of nothing but empty blather despite tens of millions spent.  Is it because the feds have a plan?  Even more unlikely.  Or it is because both Queen’s Park and the feds both fear political fallout from south of the border regarding direct Chinese communist enterprise at work in North American …” – previous contributions here
  • Someone with some Ring of Fire history is on the new team eyeing possible new ridings in Ontario’s far north according to a Government of Ontario info-machine news release – more here:  “… Theresa Hall served as a justice of the peace in Cochrane for over 16 years, and was the first Cree woman to hold this position … From 2011 to 2012, Ms. Hall served as the executive director of Canada Chrome Corporation. Following that, she was the Ring of Fire manager for Mushkegowuk Council …”

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#RingOfFire (#RoF) News – May 1, 2017

  • Ring of Fire mentions in Ontario’s latest budget?   More on that:  “The Conservative’s finance critic has slammed the Ontario budget, saying it proves the governing Liberals have given up on Northern Ontario.  Vic Fedeli said the budget … includes a $70-million cut to Northern Development and Mines and the $1 billion promised for Ring of Fire infrastructure has mysteriously disappeared.  “The Ministry helps to establish mining operations all over Northern Ontario, creating good well-paying jobs that help to grow our Northern economy — obviously not a concern of this government,” Fedeli said.  “It came as a serious shock to see that this year’s budget removed all mention of the Ring of Fire. After three years of promises the Wynne government has completely abandoned this critical mining project,” Fedeli said …” – more (North Bay Nugget) – more (Northern Ontario Business) – more (Sudbury.com)
  • Municipal leaders still thinking about Ring of Fire, too “The Northern Ontario Municipal Association (NOMA) annual conference got started at the Victoria Inn Wednesday, despite bad weather and low attendance. Ontario Premier Kathleen Wynne, who was scheduled to attend for a question and answer session, missed the event due to a flight cancellation … As for the Ring of Fire mining area, (NOMA president & mayor of Kenora David) Canfield said NOMA’s perspective is that northern communities need to be connected. He referred to a study by the Northern Policy Institute, that explored why so many of the First Nation communities in northeastern Ontario were doing better than those in Northwestern Ontario.  “These (northeastern Ontario communities) are connected,” said Canfield. “They have roads and they have infrastructure that allows them more opportunities. I think that the provincial and federal governments have to concentrate on connecting (remote) communities.”  Canfield said the Ring of Fire will come naturally when the commodity prices and needs are there.  “If you already have the infrastructure in place, it will happen and it will happen immediately,” he said. “Without the infrastructure in place, it’s nothing. We told the opposition party to stop talking about the Ring of Fire and start connecting the communities.” “
  • Ontario’s mines minister: it’s still in play  “Ontario’s Minister of Northern Development and Mines says the province is still committed to the Ring of Fire mineral development area  — even though it’s not mentioned in this year’s budget.  The government hasn’t backed away from its pledge of $1 billion in infrastructure spending to support mining in the mineral-rich region in the James Bay Lowlands, Bill Mauro   The province first made the promise in 2014.  Members of the opposition have questioned whether it’s absence in this week’s budget means now backing down from its commitment.  “I would suggest that those that are putting that criticism forward are headline-grabbing,” Mauro said.  Mauro also countered opposition concerns that the government had cut the budget of the Ministry of Northern Development and Mines …”
  • Some fed politicos, too, say it’s not forgotten“The federal government is reaffirming its commitment to the Ring of Fire.  FedNor Minister Navdeep Bains made the commitment while in North Bay.  Nipissing-Timiskaming MP Anthony Rota says although the feds still support the chromite project, there’s a process to follow.   Rota says the project is coming together, and as long as people are willing to keep talking, the project is moving in the right direction.  The Ring of Fire can create about 5,000 jobs and is expected to generate $2 billion in tax revenue.”
  • More on the upcoming road trip to China “Bruce Achneepineskum is heading to China next month to hear about a $4-billion plan that includes building a rail line to the Ring of Fire through his community’s traditional territory.  The Chief of Marten Falls First Nation, a remote fly-in community of 770 registered people of which only about half live on the remote Northern Ontario reserve, says he’s interested in the latest overture from a small mining company with big plans …” – more on China investment, trip (Northern Ontario Business)
  • Meanwhile, a bit of corporate governance biz dealt with @ KWG “KWG Resources Inc. is pleased to announce that it has received approval to list its multiple voting shares on the Canadian Securities Exchange …”
  • #RoF info session slated for the Soo later this month “The Chamber of Commerce and Economic Development Corporation will be hosting a presentation on the Ring of Fire.  Alan Coutts, president and CEO and Stephen Flewelling, CDO of Noront Resources Ltd., will explain the current status of Noront’s Eagle’s Nest Project, the scale of Eagle’s Nest and future chromite projects. Business opportunities, employment and the impact on communities and the province will also be discussed …”
  • … and in North Bay “The Ontario Society of Professional Engineers (OSPE) in cooperation with North Bay Mining Week, MIRARCO Mining Innovation, and Professional Engineers of Ontario (PEO) North Bay Chapter presents:  Spark the Fire – Realizing the Untapped Potential of Ontario’s North — Ontario’s Ring of Fire represents a $60-billion multi-generational economic opportunity, arguably the world’s most promising mineral development project in more than a century. However, this potential is shrouded by both technical and societal challenges, multi-level political decision-making, dynamic risks, and palpable uncertainty.  The scale and complexity of these challenges makes the Ring of Fire a mega-project. As born problem solvers, it is time that Ontario’s engineers ask themselves:  How can engineers spark the fire and help realize the untapped potential of Ontario’s north? …”

 

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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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