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Hopes for development of the promising $60-billion Ring of Fire mineral belt in northwestern Ontario took a heavy blow in November but they aren’t dead yet.
Hopes for development of the promising $60-billion Ring of Fire mineral belt in northwestern Ontario took a heavy blow in November but they aren’t dead yet.
Just weeks after Cleveland-based Cliffs Natural Resources Inc. stunned the province by suspending its $3.3 billion project, a Toronto mining company is taking a major step forward.
Noront Resources Ltd., the second-largest player after Cliffs, has completed studies required for an environmental assessment of its plan to develop the Eagle’s Nest deposit of high-grade nickel, copper, platinum and palladium estimated to be worth $700 million.
“We believe that Eagle’s Nest will be the first mine developed in the Ring of Fire and this brings us one step closer to achieving that goal,” said chief executive Alan Coutts.