...Minister of Northern Development and Mines Michael Gravelle, in a release issued late Wednesday evening, said while he's disappointed with Cliffs' decision, the province is still prepared to go ahead with Ring of Fire infrastructure development. In the past the company blamed stalled negotiations on the province, First Nations. They also indefinitely suspended their environmental assessment process at the start of this past summer.

Gravelle also said the Ring of Fire isn't just about a single company or a single mine.

“Our government is committed to smart, sustainable, and collaborative development in the Ring of Fire and this development is about more than one company," he said. "It is a multi-generational economic opportunity for this province with known mineral potential worth $60 billion and represents one of the largest known deposits in the world.

"The Ring of Fire also presents an unprecedented opportunity for job creation with long-term benefits for communities in the North and the entire province. While I am disappointed with Cliffs’ decision, and certainly appreciate the company’s continued interest in the project, our commitment is clear. The province is prepared to invest in vital infrastructure and create the right climate to support development in the region. We will work with key partners to realize these shared benefits."

Gravelle added a project of this magnitude has a number of stakeholders, including the private sector, First Nations and the federal and provincial governments, all have a role to play in seeing the multi-billion project move forward.

"Our role is clear. We will work in the best interest of Ontarians and that means we need to get it right," Gravelle said.

Cliffs still plans to work with the Ontario and First Nations communities to explore potential solutions and supports a recent development corporation announced by the province. Technical project work, including a feasibility study, developmet and exploration activites are being stopped, with no restart date planned.

The company did not say how many jobs will be lost by their decision

http://www.tbnewswatch.com/news/309551/Cliffs-bailing-out