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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 – 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 – February 19, 2018


 

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#RingOfFire (#RoF) News – October 9, 2016


 

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#RingOfFire (#RoF) News – May 1, 2016

  • Premier’s take on the Ring while speaking in Thunder Bay  “Kathleen Wynne views the Ring of Fire as more than just an economic development opportunity.  The Ontario premier was asked about the province’s progress in developing the potentially lucrative mineral deposit in the remote north during her media availability in Thunder Bay … Wynne responded that her government is dedicated to acting in an environmentally responsible manner while engaging and consulting with First Nations communities to ensure their children will experience the resulting economic prosperity.  “That’s a bigger vision than just how do we, as fast as possible, get trucks in to get those minerals out, get them out and then leave the site,” Wynne said.  “That’s not the vision we have and I think there are a lot of critics who look at us and say ‘you haven’t moved fast enough,’ but the reality is that the work that’s going on now to build those relationships, do the training, to make a plan that’s actually going to have long-term impact, that’s what’s important about the Ring of Fire potential.” …”
  • Ontario’s Tory Leader Patrick Brown also mentions the Ring  “Using a local mill as his backdrop, Ontario’s Tory leader blamed a decade of Liberal policy for shedding jobs in Northern Ontario.  Ontario PC leader Patrick Brown returned to Thunder Bay … for the 70th annual Northern Ontario Municipal Association conference …  “My solution for employment is one you cut red tape,” he said. “The regulatory burden is intense in Ontario. You look at the terms of reference on the Ring of Fire that’s supposed to take five days but takes three years, the government needs to be more agile.  “You need to build infrastructure to product to market place and you need to have affordable energy prices.” …”
  • More on Chinese interest in the Ring  “A team of Chinese engineers has proposed a 340km rail line to northern Ontario to get access to a rare metal, and has suggested that the project would enable Chinese companies to penetrate Canada’s infrastructure market.  The scheme under consideration would connect a planned chromite mining and smelting complex known as the “Ring of Fire” with the existing rail network at Nakina in the south of the province …”
  • Yet more on China in the Ring  “… Rail and resources the perfect combination … It’s the combination of those two factors that makes this potential investment a “real prize” for China, said Walid Hejazi, a University of Toronto professor and expert in global competitiveness, with a focus on China.  “I would argue that one without the other, this deal may not go through,” he said.  Filling infrastructure gaps in other countries is one way China secures access to desired resources, Hejazi said …”
  • Meanwhile, Noront presses road over rail  “The biggest player in Northern Ontario’s Ring of Fire says government infrastructure cash should focus on an east-west road rather than grand plans for a $2-billion north-south rail line.  Alan Coutts, president and CEO of Noront Resources Ltd., responded to a proposal recently promoted to the federal and Ontario governments for a 340-kilometre-long rail line that would be built and financed by Chinese investors.  “What we’re saying is let’s not blow our brains out building the biggest, costliest infrastructure known to mankind without the economic justification,” Mr. Coutts told The Globe and Mail …”
  • One commentator’s take on the need for the stars to align (at more than one level)  “… A series of common interests may be lining up. Pushing development of the Ring of Fire checks off a number of important boxes for Mr. Trudeau – trade, infrastructure, indigenous policy, the economy and perhaps even climate change.  Mining development would require putting the area on the power grid, allowing remote First Nations communities to stop using dirty gas-fired power plants.  A delegation of Chinese engineers, along with executives of KWG, made a timely visit to Parliament Hill last week to talk up their railway road project with MP Marc Serré, who chairs the Liberals’ Northern Ontario caucus.  “This is an international trade deal,” KWG Resources chief executive officer Frank Smeenk said, spinning the broader trade implications. “From the Chinese perspective, this is an opportunity to begin the relationship with Canada that they have long aspired to and one that is really mutually beneficial.”  Earlier this month, executives of Noront Resources Ltd., which also owns extensive mining claims in the Ring of Fire, also met with a group of Liberal MPs in Ottawa.  It’s still unclear whether this confluence of common interests will lead to anything more than chatter …”
  • KWG raising more money for their work  “KWG Resources Inc. has received and accepted subscriptions of $390,000 to close the private placement of units previously announced, for a total of $1.75 million including $0.6 million in settlement of amounts payable to directors, officers, employees and consultants …”
  • Point:  Aboriginal commentator Doug Cuthand explains not enough diamond taxes on De Beers is causing problems with the Ring “… The tax grab by the Dalton McGuinty government set back all the resource projects in the Ring of Fire area and created the climate of distrust between the First Nations and the province. So when the media lament the missing economy in Attawapiskat, they don’t have to look further than to Queen’s Park …”
  • Counterpoint:  Mining Watch Canada’s Ramsay Hart, in the comments of Cuthand’s commentary, begs to differ:  “… The diamond royalty also has nothing to do with the over-hyped Ring of Fire. It is smoldering due to extreme infrastructure costs and low commodity prices, along with the fact that the Matawa communities are taking their time in reviewing their options …” 

 

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Updates: Nervous Noront, Who’s Who in the New Cabinet Zoo

  • First, some industry news ….
  • “The dominant company in Ontario’s “Ring of Fire” mineral belt is threatening to suspend its work, sources say, putting a big question mark over future development plans in the region. Noront Resources Ltd. has warned both the Ontario government and First Nations communities in recent days that it will stop working unless it can demonstrate some tangible progress to investors, according to sources. The company and its key lender, Resource Capital Funds, are increasingly frustrated with a lack of movement on government infrastructure commitments, First Nations agreements and other matters. The longer these issues drag on, the harder it will be for Noront to raise new capital ….”
  • “Nipissing MPP Vic Fedeli is concerned the possible work stoppage in the Ring of Fire could impact North Bay mining supply businesses. Fedeli’s fears came after the Financial Post reported Noront Resources Ltd. warned the Ontario government and First Nations communities that it will stop work unless it can show some progress to its investors ….”
  • “Noront is not threatening to walk away from the Ring of Fire its CEO says. The Financial Post ran a story with anonymous sources Tuesday saying the company has threatened to walk away from its Eagle’s Nest project if it doesn’t see progress from the province and First Nations soon. Alan Coutts said that same day the company announced a new exploration program in the area with nearby First Nations as participants. “We don’t have any plans to shut down operations,” he said. “I don’t want to get into speculative stuff but we’re active.” It’s a weak market out there, especially for a junior company like Nortont but Coutts said they’ve been finding the money they need and that’s happened because they’ve shown progress. “There’s activity, there’s alignment and there’s progress in the Ring of Fire,” he said. Obviously the company would like to see firmer plans from the province on infrastructure for the project but Coutts said there are current discussions on those issues. Commitments were hard to come by from the federal government but now that the Liberals are in power, he sees more alignment between them and the province ….”
  • “Even as it starts a new exploration program in the Ring of Fire this week, the mineral belt’s lone main player admits it’s never been tougher to secure the funds for such projects. “I don’t want to sound gloom-and-doom, but it is a tough market out there and investors want to see progress,” Noront Resources CEO Alan Coutts said Wednesday. Noront has earmarked $600,000 to resume exploration in the area of its existing proposed Eagle Nest nickel mine about 500 kilometres northeast of Thunder Bay. Though metal prices, including nickel, are down, Coutts said the Toronto-based company remains committed to getting its mine up and running about four years from now. It’s expected to cost $700 million to build the mine. “We’re in a trough right now, but we know these things are cyclical and we want to be ready to go into production (when prices rebound),” he said. Coutts was asked to respond to a National Post story which cited an unnamed source who suggested Noront might pull out of the Ring of Fire — as did former main player Cliffs Natural Resources — if the project stalls. Coutts wouldn’t comment directly on the story, but acknowledged the company has been urging the province to make good on an earlier commitment to spend $1 billion on key RoF infrastructure, including roads and hydro ….”
  • In other news, the newest PM doesn’t seem to have named a lead Ring of Fire minister yet, but here’s a few of the new key players in Cabinet for the RoF:
  • James Carr, Minister of Natural Resources (the lead portfolio under the Conservatives);
  • Navdeep Singh Bains, Minister of Innovation, Science and Economic Development (also Fednor Minister);
  • Catherine McKenna, Minister of the Environment & Climate Change (for environmental stuff);
  • Amarjeet Sohi, Minister of Infrastructure & Communities (to deal with that still-outstanding infrastructure question hanging out there);
  • Carolyn Bennett, Minister of Indigenous and Northern Affairs (to deal with First Nations in the RoF area); and
  • Jane Philpott, Minister of Health (to help deal with at least some First Nation concerns about the potential social & health effects/needs linked to developing the RoF area).

 

 

 

 

 

 

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