The large chromite deposit located in Northern Ontario, named the Ring of Fire, will be getting a $785,000 CAD government study.
Both the federal and provincial governments will be launching a joint study of an all-weather road for the isolated region. Ottawa and Queen’s Park will each pay for half of the total coast. Specifically, the study will look at a “transportation corridor” that would connect the area of mineral deposits and four remote First Nations (Webequie, Eabametoong, Neskantaga and Nibinamik) to Pickle Lake, Ontario, about 500 kilometres northwest of Thunder Bay. The intention is to avoid having the Ring of Fire as a mine in the middle of nowhere. Instead, the government see it as an opportunity to connect First Nations physically along with other cities and towns.
Many investors had hoped for mining development to begin in 2015, not just a road study. The area is rich in chromite, the main ingredient in stainless steel and was once dubbed Canada’s ‘next’ oil sands, but due to a serious of delays, including lack of funding, any development has been stalled up until this point.