The Ring of Fire, which is located in the James Bay Lowlands, was discovered by Noront in 2007 and is thought to contain around $60 billion of chromite, nickel, platinum and other minerals. But development has been fraught with challenges and has moved at a snail’s pace. TSX Venture Index ! Map of Ring of Fire
QUEEN'S PARK - POLITICS - There was a fiery exchange in Question Period in Queen's Park between Progressive Conservative leader Patrick Brown and Thunder Bay Superior North MPP and Minister of Northern Development and Mines Michael Gravelle today. The PC Leader is demanding action on the Ring of Fire mining project that Brown states is stalled after eight long years.
There have been reports, in the Financial Post that Noront Resources is frustrated over progress on the mining project.
Minister Gravelle stated "As a government, we remain absolutely committed to the project. We have got our commitment of $1 billion locked in, thanks to the Minister of Finance for the transportation infrastructure corridor. We are looking forward to having an opportunity to have a discussion with the new federal government to engage in the process that was not very successful in the past with the previous government.
"We are engaged in a regional framework discussion with Matawa First Nations, and we have set up a development corporation to move that forward. So we are indeed making very positive progress."