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Ontario says it's got $1B for the Ring of Fire

Monday, April 28, 2014   by: SooToday.com Staff

NEWS RELEASE

MINISTRY OF FINANCE

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Province Moving Forward with Support for Strategic Infrastructure

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. 

"As a Northerner, I’m excited by the opportunity that the Ring of Fire brings to our communities and our province. We know the region is rich with mineral deposits and represents a multi-generational economic development opportunity. Our government is committed to this development and we need the federal government to match our investment so that we can open up access to the Ring of Fire in a smart, sustainable and collaborative way to create jobs and ensure that Northern Ontario prospers" said David Orazietti, Minister of Natural Resources

The comprehensive plan and its six priorities focus on Ontario's greatest strengths - its people and strategic partnerships.

Quick Facts

  • 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.

Learn more about Ontario Supporting Development in the Ring of Fire and read more about the Ring of Fire.

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Comments
12
Note: Comments that appear on the site are not the opinion of SooToday.com. If you see an abusive post, please click the link beside the post to report it.
IgnorantNortherner 4/28/2014 11:20:16 AM Report

Ring of Fire....that's an allusion to hemorrhoids, isn't it? $1B seems like way too much for that....
ThinkAgain 4/28/2014 11:37:50 AM Report

oh here we go again, another gas plant scandal just waiting to happen.

honda1984 4/28/2014 12:43:27 PM Report

since the people of Ontario are going to put up 1 billion dollars out of our already over taxed pay for private enterprise are we going to be partners and get some profit or is it just so private enterprise....probly foreign intrest can take more resources from Ontario and make a nice profit in the mean time.something like the great deal david got for us on the windfarms
Gater 4/28/2014 1:29:52 PM Report

I don't think there is an amount of money they could promise that would get them re elected..
They have broke the bank. But with that said the alternatives are not Great.
rockbanger 4/28/2014 2:58:28 PM Report

The 'Ring of Fire' will be a thriving mining centre for many generations to come.

$1B is a small anti into the pot... But it is a start. Now we need the feds to stand up and assist.

It is very remote (for now) and has the established ore deposits to provide profits, jobs and development like Northern Ontario hasn't seen in many many years. Will require transportation links, refining capacity, mine housing, factories to be built... On and on.

Too bad the Liberals have played politics with this project as the developmental time is not quick.
The sooner this gets started the better.

steelworker 4/28/2014 3:36:12 PM Report

Between private enterprise and our own group of domestic extortionists this billion will be like farting in the wind.
scottstewy123 4/28/2014 4:31:23 PM Report

Instead of forking over 1 billion dollars to the companys .How about just lowering costs of electricity for all of Ontario, reduce taxes and lower price on gasoline taxes. That will naturally bring mining companys to come to Ontario .
scottstewy123 4/28/2014 4:33:38 PM Report

This will so called pledge will not make it .We are going to have an election anyway. David O the Liberal Party is TOAST

rockbanger 4/28/2014 4:48:22 PM Report

I will not vote for Davie again... I admit last time I did put my vote his way... Never Again.

But if he and his gang of corporate hooligans can throw $1B to initiate the Ring of Fire... trust me it will generate a great deal of long term work and area development.

Many from the Soo will never benefit; as these jobs are many miles away in a remote setting and require actual work. No one from Essar union/management will be rushing that way believe me.. It is real work.

Developing the RING is a major step to growing the entire Ontario economy. To bad all that gas plant scam money could not have gone that way as well...

But hey it is a start.
itsme29 4/28/2014 7:23:43 PM Report

sakatchewan and alberta are booming..Ontario is dead in the water, we do need to get the ring of fire going but there are too many hurdles to get over b4 theres any benefit...how many reserves have to be crossed to get there? that will be the big tie up..and that's one of the many reason the last investor pulled out. if it ever does happen it will beneficial to all, not just the people working there, supply houses,rental companys,contractors will all have long term jobs which in turn keeps revenue going everywhere..
Twistinwrenches 4/28/2014 10:52:31 PM Report

All this pre election crap. These liberals have spent our province into a recession . High electricity prices thanks to green energy , high taxes , over regulation has chased and kept job producers away . Please cut up ontario's credit card .
steelworker 4/29/2014 6:18:36 AM Report

rockbanger: I suggest you get a job at Essar before you go shooting your mouth off about "real work".
Comments
12
Note: Comments that appear on the site are not the opinion of SooToday.com. If you see an abusive post, please click the link beside the post to report it.
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