Noront Resources has selected Sault Ste. Marie to be the host of its ferrochrome processing facility. CEO Alan Coutts said the lower operating costs over the 100-year period, is what set Sault Ste. Marie out from Timmins.
Sault Ste. Marie will be the home of a new ferrochrome processing facility, said Alan Coutts, CEO of Noront Resources.
He made the official announcement at city hall Tuesday morning, concluding that the final analysis completed between the shortlisted cities – Sault Ste. Marie and Timmins – suggests while Timmins may have lower capital expenditure costs, Sault Ste. Marie’s operating costs will be lower, a significant factor for the 100-year operation.
The lower operating costs is what tipped the balance in Sault Ste. Marie’s favour, he said. As well, the completion of Algoma’s Companies’ Creditors Arrangement Act proceedings allowed Noront Resources to have thorough discussions with the steelmaker’s new owners to ensure that a long-term lease arrangement between the two parties could be reached.
Coutts, in an interview with The Sault Star, said the announcement was made now because Noront needs to understand who its industrial partners would be with the new owners at Algoma Steel and whether they were willing to work together.
“That was critical to us and we wanted to make sure that we have that partnership,” Coutts said. Over the past few weeks, Noront and Algoma’s CEO Michael McQuade have met and the parties are now in the process of finalizing a land agreement.
For the rest of this article: https://www.saultstar.com/news/local-news/noront-chooses-sault-ste-marie