A Cleveland-based iron ore miner's $150 million all-stock acquisition of three premium chromite deposits in Ontario's James Bay Lowlands could delivery long-term economic impacts for the region.

Cliffs Natural Resources is making a dent at McFauld's Lake and the so-called 'Ring of Fire' mining camp with their acquisition of Freewest Resources' interests in three high-grade deposits.

The company has plans to develop of an $800 million open pit mine and mineral processing unit to establish North America's only ferrochrome production operation used in the making of stainless steel.

The company has even bigger plans to build a 300-kilometre long rail spur from their McFauld's Lake deposits in the James Bay Lowlands to Nakina and connect with the Canadian National Railway.

An electric arc furnace would be located somewhere in the Thunder Bay area. The operation would produce 400,000 tonnes of ferochrome a year.

Cliffs is an international iron miner that is North America's largest producer of iron ore pellets.

A formal study of the chromium deposits will start in early 2010, with completion sometime by mid-year. The company said it will comparable to an Ni 43-101 technical report.

After a three-year environmental permitting process, Cliffs anticipates starting commercial production in 2015.