- Cliffs Natural Resources (NYSE:CLF +4.4%) agrees to sell its chromite assets in northern Ontario to Noront Resources (OTCPK:NOSOF) for $20M, marking its exit from the Ring of Fire mining region.
- The purchase is financed through a $22.5M loan from Franco-Nevada (FNV), which will receive royalties of 3% on Noront's Black Thor project and 2% on all of Noront's property in the region excluding its Eagle's Nest project.
- CLF once was the biggest company invested in the Ring of Fire, paying C$118M for its assets there in 2009, but suspended work in the region in 2013.