By: Northern Ontario Business Staff
The Ontario government wants a toll road for mining companies hauling ore out of the Ring of Fire.
Noront Resources said the province is committed to financing a haul ore road out of the mining camp in the James Bay lowlands, and further assured the company that the road will be open to all miners, not just Cliffs Natural Resources.
But a toll charge will be assessed based on each company's “proportional usage.”
That's just fine with Noront since its concentrate shipments will be less than seven per cent of the road's entire haul.
In a statement, CEO Wes Hanson said the government's commitment to invest in a north-south road corridor is a “very positive development in unlocking the mineral wealth of the Ring of Fire.”
Noront reported in a Sept. 4 release that the feasibility study for its Eagle's Nest high-grade nickel-copper deposit in the James Bay region offers “robust economics.”
The report conducted by Micon International said the $609-million mine and mill project offers a mine life of 11 years.
Eagle's Nest contains a proven and probable mineral reserve of more than 11 million tonnes of nickel, copper, platinum, palladium and gold.
Noront is doing site work at Eagle's Nest while evaluating financing options for development's construction.
Hanson said he's encouraged by analysts' prediction of a nickel price rally in 2015 and 2016 which should coincide with the start of production at Eagle's Nest.
The company has plans for an environmentally friendly underground operation, including a below-ground processing mill and tailings storage area.
“Surface disturbance” will be limited to less than 50 hectares, including a year-round airstrip.
