Ontario mines minister says Ring of Fire could be worth $1 trillion, a figure critics call exaggerated – by Logan Turner (CBC News Thunder Bay – March 17, 2023)


Wyloo Metals, which owns majority of known claims in area, estimates value of ‘defined ore bodies’ at $90B

From the time the Ring of Fire was discovered in 2007, politicians and industry leaders have emphasized the potential economic value of the remote, mineral-rich area in northern Ontario. That has intensified in recent weeks, with Ontario Mines Minister George Pirie saying recently: “Anecdotally, mining people are saying this is a trillion-dollar project.”

Pirie told Global News in a recent documentary that the $1-trillion amount was “not a formal valuation,” but was “based on the increased value of critical minerals that are already established being in the ground.”

Professionals and researchers in mining and resource governance have called the minister’s comments exaggerated and even harmful, possibly opening the door to potential fraud. CBC News sent an email to Pirie’s office asking why he used the $1-trillion claim, what information he was relying on when citing possible valuations in the area, and if the province has a working valuation of the Ring of Fire.

Pirie’s spokesperson, Dylan Moore, gave a brief response: “The economic potential is limitless.”When Wyloo Metals chief executive officer Luca Giacovazzi was asked about Pirie’s claim, he laughed and told Global, “There is a lot of myth around the Ring of Fire [and] a number like that is way exaggerated … numbers like that are a little bit silly.”

For the rest of this article: https://www.cbc.ca/news/canada/thunder-bay/ring-of-fire-trillion-dollar-claim-1.6778551