HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Noront CEO cheers Ring of Fire road plans, downplays chromite
http://business.financialpost.com/2015/03/03/pdac-2015-noront-ceo-cheers-ring-of-fire-road-plans-downplays-chromite/
PDAC 2015: Noront CEO cheers Ring of Fire road plans, downplays chromite
THE CANADIAN PRESS/Ryan Remiorz“We think it’s going to be worth the effort,” Alan Coutts, the chief executive of Noront Resources Ltd., said in a presentation.
Developing Northern Ontario’s “Ring of Fire” is proving to be a long and arduous task, but the company that started the boom is urging investors to hang in for the rewards.
“We think it’s going to be worth the effort,” Alan Coutts, the chief executive of Noront Resources Ltd., said in a presentation.
He was very pleased by Sunday’s announcement from the federal and provincial governments that they are jointly exploring an east-west road to the remote area. Noront has lobbied for this road for the last three years.
The company is keen to develop its Eagle’s Nest base metals project in the Ring by 2018 (that timeline could be affected by the proposed road). However, Mr. Coutts made it clear that the company’s Blackbird chromite deposit, which is next door to Eagle’s Nest, is not a priority.
He said the chromite market is very tough right now. Demand is coming primarily from ferrochrome smelters in China, but they are getting filled with output from South Africa. There is just no need for a lot of new chromite right now.
However, Mr. Coutts also noted that the Chinese have “all their eggs in one basket,” and if something goes wrong in South Africa, prices could rise dramatically.
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