"U.S. mining giant Cliffs Natural Resources Inc. is set to leave Ontario’s Ring of Fire after it found a buyer for its chromite assets in the area.

Noront Resources Ltd. said on Monday it has a $20-million (U.S.) agreement with Cleveland-based Cliffs to acquire the shares of two indirect wholly owned subsidiaries of Cliffs, which hold mining claims in the Ring of Fire, about 500 kilometres northeast of Thunder Bay.

To finance the transaction, Noront is borrowing $22.5-million from Franco Nevada Corp. In return, Franco Nevada will receive royalties on several chromite deposits" .....

http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/cliffs-to-exit-ontarios-ring-of-fire-with-sale-of-chromite-assets/article23576822/