Toronto: Ontario is taking steps towards the development of the Ring of Fire in a smart, sustainable and collaborative way.
Development in the Ring of Fire will create extraordinary business and growth opportunities for local mining and supporting industries and generate economic impacts across the entire country. On Monday the provincial government announced that it was prepared to spend up to C$1 billion ($900 million) to develop transportation infrastructure in the Ring of Fire, a nascent mining district in the north of the province.
The Ring of Fire has generated tremendous interest from the private sector with more than two dozen companies and individuals holding over 11,000 active mining claim units.
Government support for badly needed infrastructure could revive the fortunes of projects in the remote region, like Cliffs Natural Resources, Black Thor chromite project, and those of smaller companies like Noront Resources Ltd that are focused on the area.
The province is creating a development corporation for the region. Ontario said it is calling on Canada’s federal government to “equally match” its funding.