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: what was it like Dad?
Cashin
-Noront discovered nickel starting in Sept. 2007
-Nov. 2007 , Noront entered into an agreement with J.P. Morgan Securities Inc..
JPMorgan’s mandate included the coordination of discussions with interested parties on a potential investment in, or acquisition of the company, at a time and on terms that produce the best possible value to Noront’s shareholders.”
-Noront first found chromite in 2008
-Oct. 2009 , Noront makes a formal bid for Freewest.
-Jan. 2010 , Cliffs Natural Resources is successful against Noront in acquiring Freewest for 240 million dollars
Nov. 3, 2010, McGuintys top agenda in Hong Kong was Chromite investment
https://news.ontario.ca/opo/en/2010/11/investment-chromite-top-agenda-for-premier-in-hong-kong.html
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Cashin the Governement has not been involved in the ROF for 15 years as you wrote.
It will be 10 years this November.
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But, in this time frame, Noront now has consolidated 85% of the Ring of Fire.
Back in 2010 , Cliffs was set on a chromite smelter in Sudbury. While Noront felt Timmins would be a good spot for a smelter because Timmins really needed the jobs.
http://www.timminspress.com/2010/09/29/ring-of-fire-will-be-a-jobs-hot-spot
I remember talking to Paul Semple a week after he did a presentation in Timmins, and I remember thinking ...could there be room for 2 chromite smelters in Ontario?
Then surprise, surprise , in 2015, Noront grabs the Cliffs Ring of fire claims for a mere 25 million dollars. After Cliffs had acquired the Freewest ROF claims for 240million , they did some more ROF consolidation and started a feasiblilty study. In total they spent around 750 million dollars...and Noront picked all this up for 25 million ...
Then in 2006 Noront acquires the macdonald mines , Ring of fire butler property.
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Cashin, you fail to recognize what this 10 year wait by the govt accomplished.
-Noront consolidated the ROF at dirt cheap prices. Commodity prices have been conveniently low and gov't action was conveniently slow
-There is no longer the thought of the Cliffs Smelter and the Noront Smelter. Cliffs is no longer a factor.
-Then in comes Trump and Wilbur Ross. Suddenly National security is of huge importance.
The idea of having Dometic supply of commodities.
And shortly before Trump became president...the flurry of making sure countries signed on to the carbon tax. A benefit to the ROF.
Then section 232 investigation into steel duties and not to forget Nafta(and how much Mexico 's deal hurt the auto jobs in the USA and Canada)
And the start of the electric vehicle movement...and more climate change talk
Cashin,...the way I see it...the wait will have been worth it.
Essar Algoma(closest port to the ROF), has a deal.
But, the latest news regarding NAFTA looks like it will need a bit more time.
https://www.thestar.com/news/world/2018/05/16/no-nafta-deal-will-be-reached-by-tomorrows-us-deadline-canadian-government-source-says.html
The apparent inability to make an immediate deal does not mean the negotiations have failed for good: talks can continue indefinitely, and Guajardo said he would not rule out a deal by June. But it is possible that there will soon be a prolonged delay because of the Mexican presidential election in July and the U.S. congressional midterm elections in November.
The Canadian government does not appear to be in any rush for a deal. Though the Bank of Canada has said that trade uncertainty is already reducing investment in Canada, government officials and trade experts have argued that a bad deal would cause more long-term harm than a prolonged holdout for a better deal.
“All along we have said that it is important to reach a deal quickly. It’s important to provide that stability and predictability to industry and workers in all three countries. We recognize that need. However, we are not going to be rushed into a deal that we’re not happy with just based on that,” said the Canadian source, who was granted anonymity to speak candidly about the state of the negotiations..
The absence of a rapid deal means Canada’s steel and aluminum industry will continue to face a tariff threat. Trump has exempted Canada from his tariffs only until June 1, and Commerce Secretary Wilbur Ross said Tuesday that Trump’s decision on whether to extend the exemption will be based on the state of NAFTA talks.
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Cashin , I would prefer not to see any great ROF annoucments until AFTER this Nafta deal is done. It would provide a bigger bang for the buck after Nafta is settled.
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