Loading ...A Canadian region once touted as Ontario’s answer to the oil sands will not be developed anytime soon- according to the CEO of a major stakeholder.
Lourenco Goncalves, head of U.S.-based Cliffs Natural Resources (NYSE:CLF), made the comment during an interview with the Financial Post last week.
“I don’t believe under my watch, and I plan to stay [alive] for the next 50 years… that the Ring of Fire will be developed,” the 55-year-old told the newspaper.
The 4,000-square-kilometre Ring of Fire, located 540 km northeast of Thunder Bay, is home to an estimated $60 billion worth of mineral deposits, and lawmakers say it could bring prosperity to northern Ontario much like the oil sands industry have to northern Alberta. But the region lacks highways, rail lines or reliable power.
Last year Cliffs had to suspend most work on its $3.3 billion Black Thor chromite deposit, citing stalled talks with the province and other political and regulatory problems. The miner had also struggled to win over aboriginal communities. The stoppage came despite Cliffs spending some $500 million building its land position in the region.
more http://www.mining.com/no-hope-for-ring-of-fire-says-cliffs-ceo-33274/