Globe says only Noront Resources left at Ring of Fire

2013-11-22 08:44 ET - In the News

The Globe and Mail reports in its Friday, Nov. 22, edition that mining the chromite deposits of the so-called Ring of Fire north of Thunder Bay is supposed to generate billions of dollars of revenue, and create thousands of jobs. The Globe's Adam Radwanski writes that now that Cliffs Natural Resources has thrown in the towel to develop a mine there, nobody else is poised to step in. Cliffs was poised to move forward, if only the province would move more swiftly to get first nations on board, invest in needed infrastructure, and in particular help resolve a dispute with another company that bought up a piece of land through which Cliffs needed to build a road. The province did what it could to show that it was going out of its way to make the project work. The government will now have to try to persuade some other mining company to take the leap of faith from which Cliffs has backed away. Mr. Radwanski says there will no doubt be much made of the fact that another company, Noront Resources, appears to be moving full steam ahead with plans to mine nickel and other minerals in which the Ring of Fire is also rich. He says there could be billions of dollars just in that.