Cliffs selling Ring of Fire exploration camp to Noront

|By:, SA News Editor

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.