The 1 million tons of export chromite ore concentrate is a surprise to me also and need I say annoying because of the exporting, so they are still trying to test the resolve of Canadians and Ontarians in particular. If I were a native in N. Ontario near where the expected work should be due to processing, I would be fuming mad.
On the positive side for us Noront:
"Cliffs also estimates that an integrated transportation system, including an all-weather road servicing the project, would require further investment totaling approximately $600 million, which was not included in Cliffs' initial investment estimate. However, because this transportation system is provincial infrastructure required for the general use of remote northern communities and other Ring of Fire mining projects, Cliffs anticipates its commitment to invest in the all-weather road would be partial, with the balance to be contributed by other industry participants and government entities."
So they expect $600 million for their part of an all weather road while Noront expects $25 million. Other companies each will probably not put in more than Noront but lets assume that all the others outside of Cliffs put up a total of $600 million. I would expect that the province ( perhaps with Federals inclided ) would cough up 50% so another 1.2 million for a total of 2.4 million $. That should more than pay for the road system.
So Cliffs will be the main road user out of the Ring and the natives being the other from outside.
(That is also why I feel Ottawa should pay a large portion due to savings brought to them from their support payments of the natives. It would be no generosity on their part only a partial transfer of $s, the expected savings, from high support costs into the roads.)
The fact that Cliffs stated their support in dollar terms is a significant step forward. Thank you very much.
HOWEVER insistance of still exporting ore some-what dampens the euphoria for me.
Two steps forward, while one step still held back. Progress is slow indeed. Patience and cheers, Ed.
