Ontario Seeks Federal Gov’t to Step up
THUNDER BAY – Ontario is in for a $1 billion dollar contribution to the Ring of Fire. The announcement made in Thunder Bay today at the Ministry of Northern Development and Mines Offices comes as there is an increased pressure on the project.
The Ontario government is prepared to commit up to $1 billion to develop strategic all-season industrial and community transportation infrastructure in the Ring of Fire.
Ontario needs a partner and is calling on the Federal government to equally match this funding to build the infrastructure required for this important project in the north that will create jobs and boost the northern economy.
The approach and priorities with respect to this investment will be established in partnership with First Nations, governments and industry partners through the development corporation.
The province is currently facilitating the creation of a development corporation to accelerate strategic infrastructure development in the region. The corporation will bring together key mining companies, First Nations, and the provincial and federal governments to develop, construct, finance, operate and maintain infrastructure supporting access to strategic resources in the mineral rich Ring of Fire.
The Ring of Fire represents one of the most significant mineral regions in the province, and includes the largest deposit of chromite ever discovered in North America. A multi-generational opportunity, the Ring of Fire will create thousands of jobs and enhance the economic prosperity of Ontario and Canada.
Investing in the development of the Ring of Fire is part of the government’s economic plan that is creating jobs for today and tomorrow. The comprehensive plan and its six priorities focus on Ontario’s greatest strengths – its people and strategic partnerships.
In November 2013, Ontario announced that it would facilitate the creation of a development corporation to lead strategic infrastructure development for the Ring of Fire region.
On March 26, 2014, Ontario and Matawa member First Nations signed a Regional Framework agreement that will ensure First Nation communities benefit from the proposed Ring of Fire development.
The Ring of Fire has mineral potential known to be worth $60 billion and includes the largest deposit of chromite ever discovered in North America. Chromite is a key ingredient of stainless steel.
The region also holds the potential for significant production of nickel, copper, gold and platinum.
The Ring of Fire, located 540 kilometres northeast of Thunder Bay, is one of the most significant mineral regions in the province.
Development in the Ring of Fire is subject to all necessary environmental assessment and regulatory processes, and fulfillment of the Crown’s duty to consult.
Mining opportunities are growing in Northwestern Ontario.