Ontario’s “Ring of Fire” mineral belt, located in the province’s remote James Bay Lowlands, is believed to carry a lot more than $60 billion of geological riches. Once the belt was discovered in 2007, it was designed to usher in a new era of prosperity for Northern Ontario, especially for the impoverished First Nations communities in the region.
Almost a decade later, the ore remains in the ground and seem to be being released in the near future. Thanks to the Ontario government’s ineptitude, dysfunctional mining policy, insufficient promised infrastructure spending and (to a much lesser extent) a broader commodity slump, American miner Cliffs Natural Resources Inc. left the province in frustration in 2013, permanently halting its proposed US$3.3-billion chromite project.
The ultimate indignity for Ontario came this past year, when Cliffs sold its US$550-million investment in the Ring of fireside to junior miner Noront Resources Ltd. – the only significant player left in the region – for a bargain-basement cost of US$27.5 million.
Many analysts state that Ontario missed an exceptional chance to establish a chromite industry throughout the commodity boom, and that it is going to be at least five years before any possible development occurs.
While the provincial Liberals shoulder most of the blame for delaying Ontario’s best mineral discovery in on the century, they had the best complaint: the previous authorities under Stephen Harper was not at the economic table inside a meaningful way.
With the election from the Trudeau Liberals, who have a powerful mandate to ease living standards of Canada’s First Nations communities, hopes for the development of the Ring of fireside and also the enormous mineral potential of the entire northwestern region of Ontario happen to be renewed.