The development of Ontario’s Ring of Fire has taken a very important step forward as the Ministry of Northern Development and Mines has established a development corporation, the ROF Infrastructure Development Corporation.
The headquarters of the corporation will be located in Thunder Bay and will work to bring First Nations and the public and private sectors together to create partnerships and facilitate investment decisions in strategic transportation infrastructure. It will have an interim board of four Ontario public servants. The board will put the necessary structures in place in order to allow for partners to determine their participation in the corporation. Eventually, the Board of Directors will be broadened to include membership from First Nations and industry partners.
Once in operation for a while, the corporation will be in a position to advise on crucial infrastructure investment decisions, including how to best utilize Ontario’s $1 billion dollar commitment to Ring of Fire infrastructure.
The Ring of Fire, located approximately 540 kilometres northeast of Thunder Bay, has mineral potential believed to be worth $60 billion dollars and includes the largest deposit of chromite ever discovered in North America. Chromite is a key ingredient in stainless steel.