Ring of Fire News


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

Ring of Fire News – 22 Aug 11

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Information shared here in accordance with the Fair Dealing provisions (§29) of the Copyright Act.  We’re not responsible for accuracy of original material, and inclusion of material doesn’t mean endorsement.

  • FedNor money reportedly to be used to help First Nations deal with the Ring of Fire.  “Nishnawbe Aski Development Fund plans to support small and medium-sized businesses in the 33 communities it serves in northwestern Ontario with a recent $1.36 million investment from FedNor. “In addition, it will help us meet the growing need for investment capital so Aboriginal people can benefit from business opportunities related to resource developments, including the area known as the Ring of Fire,” said NADF chair Madeline Commanda. NADF will use $960,000 to offer business support services and access to capital to small and medium-sized enterprises over a three-year period. A further $400,000 will be used to provide small and medium-sized enterprises with repayable loans, equity and loan guarantees ….”  (Sources:  Wawatay News, 18 Aug 11; FedNor news release, 11 Aug 11)
  • Grassy Narrows court decision = impact on licensing/exploration in Ring of Fire?  “A northwestern Ontario aboriginal community is declaring victory in its 11-year court battle to stop logging on traditional lands — a ruling their lawyer says could have legal implications for similar disputes across Canada. The Grassy Narrows First Nation challenged the province’s right to permit industrial logging on its traditional lands, saying it infringed on their hunting and trapping rights under a treaty they signed in 1873 …. Robert Janes, a lawyer for the First Nation, said the judge noted in her 300-page ruling that the federal government promised to defend their rights, but hasn’t done so for many years. The ruling will likely have legal implications for similar disputes in Ontario — such as the massive Ring of Fire chromite deposit in the north — and in other parts of the country, he said. It may even change government policy. “Madam Justice Sanderson was very clear that each treaty has its own history, has to be dealt with on its own, but there’s clear implications for the other treaties and the way they’re to be interpreted,” he said. Ms. Sanderson also made it clear that the federal government has a duty to protect the rights of aboriginal people, Mr. Janes said ….”  (Source:  Globe & Mail, 17 Aug 11)
  • Rencore Resources Ltd. is pleased to announce the first diamond drilling program to commence on its wholly owned mining claims in the James Bay Lowlands of Northeastern Ontario (Ring of Fire Area) within the Webequie First Nation Traditional Lands. This initial program tests approximately one half of the high priority drill targets that Rencore has in the Ring of Fire area. The other half of the drill targets that Rencore has in the Ring of Fire area are found within Kasabonika Lake First Nation Traditional Lands (“KLFN”). That program, yet to be initiated in the KLFN, is pending conclusion of ongoing negotiations …. The Rencore mining claims, subject of this initial drill program, are strategically located between 30 and 60 km northwest of the Webequie First Nation community along the postulated western extension of the main Ring of Fire structure. This structure hosts a number of Chromite Deposits as well as Nickel-Copper-PGE MMS and Copper-Zinc-Lead VMS deposits presently undergoing economic mining studies by their owners. The 8 drill targets being tested by Rencore with approximately 1200 meters of drilling are the highest priority anomalies resulting from an electromagnetic and magnetometer VTEM airborne survey carried out over the mining claims and surrounding area during 2010 by GeoTech Ltd. of Aurora, Ontario. The helicopter supported drilling program will be carried out under contract with Cyr Drilling Ontario Inc. with Webequie Logistics Ltd. providing crew accommodations and local labour requirements ….”  (Source:  company news release, 18 Aug 11)
  • Cliffs Natural Resources, the top US iron-ore miner, has agreed with a group of lenders to bump up its revolving credit facility to $1.75-billion, with the option of expanding it by an additional $250-million, according to a regulatory filing on Wednesday. The loan, which replaces a 2007 $600-million facility, matures in August 2016 and will go towards refinancing existing debt, general working capital needs and for other purposes including buyouts, the company said. In June, Cliffs issued a prospectus to raise up to $872-million in a share offering to pay down its debt, but this week said the market collapse of early August had prompted it to rather launch a share buy-back in the immediate term. The company owns iron-ore mines in the US and Canada, and also plans to build a ferrochrome smelter in the Great White North, which it will feed with chrome from its projects in Northern Ontario’s Ring of Fire area ….”  (Sources:  miningweekly.com, 17 Aug 11; )
  • Ontario Green Party Leader Mike Schreiner says he wants to focus on creating more local jobs. Schreiner paid his first visit to Thunder Bay on Saturday as part of his tour of Northwestern Ontario. Schreiner and Green party candidate for Thunder Bay – Superior North Scot Kyle toured downtown Port Arthur before meeting with local party supporters …. Schreiner said he was in support of mining development projects such as the Ring of Fire as long as developers managed the project in an environmentally friendly way and kept jobs in northern Ontario ….”  (Source:  tbnewswatch.com, 21 Aug 11)

Summary of more open source information and sources cited (1-21 Aug 11) also available here (PDF).

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