The international mining company, Cliffs Natural Resources, has announced it is pulling the plug on its chromite project in the far north of Ontario. By the end of the fourth quarter of 2013, all activity on the project will be ceased indefinitely.
According to a press release, Cliffs Natural Resources has decided not to put any more money into the venture “given the uncertain timeline and risks associated with the development of necessary infrastructure to bring this project online.” The chromite was found in a 5,000-square kilometer (1,931 square mile) in the remote areas of Ontario in 2008. The area was later nicknamed “ Ring of Fire” and the company bought the Black Thor deposit there for approximately $229 million in 2010.
Chromite is a rare oxide mineral that is used in the production of chromium and stainless steel uses chromium as its main alloying ingredient.