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Tue, Aug. 5, 3:26 PM
- The boardroom shake-up at Cliffs Natural Resources (CLF -1.9%) has raised the likelihood that its international assets - including the Bloom Lake iron ore mine in Quebec and the huge chromite deposit in Ontario's "Ring of Fire" - will hit the market, creating some intriguing buying opportunities for Canadian miners in their own backyard.
- Teck Resources (NYSE:TCK) has been eager to get into iron ore for many years, but has not found a good entry point, and Bloom Lake might be available at a bargain price; but it is a troubled asset that has lost money, and a buyer probably would need to double production to 14M metric tons/year at a cost of more than $1B.
- In the Ring of Fire, junior miner Noront Resources (OTCPK:NOSOF) wants to buy CLF's chromite deposit, but has cautioned that it would not pay anything close to $500M, which is roughly what CLF has spent in the area.
Fri, May. 23, 4:58 PM
- Cliffs Natural Resources (CLF) is selling its exploration camp at northern Ontario's Ring of Fire mineral belt to junior miner Noront Resources (NOSOF), indicating it has little desire to spend more money in the region any time soon.
- CLF stopped work on its $3.3B Chromite project in the Ring last November; CLF also is dealing with an activist shareholder, excess debt and problems at its Bloom Lake mine in Quebec that require immediate focus.
- With CLF moving on, Noront is the province’s best hope for development of the Ring of Fire, which could hold $60B worth of minerals.
Mon, Apr. 28, 3:20 PM
- Ontario's government says it is prepared to spend up to C$1B ($900M) to build transportation infrastructure in the Ring of Fire mining district, if Canada's federal government would equally match its funding.
- Government support could revive projects in the remote part of the province, such as Cliffs Natural Resources' (CLF -4.2%) Black Thor chromite project, and those of smaller companies like Noront Resources (NOSOF) that are focused on the area.
- Ring of Fire is home to rich mineral deposits, and lawmakers say it could bring prosperity to northern Ontario much like the tar sands have to northern Alberta, but the swampy region lacks highways, rail lines or reliable power.
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NOSOF vs. ETF Alternatives
Noront Resources is an innovative junior mining company dedicated to excellence and committed to a socially and environmentally responsible development plan. The Company is currently focused on the development of Eagle' Nest Mine, the mineral rich deposit located in the James Bay Lowlands of... More
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