Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Financial Post mining writer Peter Koven interviews Bill Boor, president of ferroalloys at Cliffs Natural Resources Inc., at this week’s PDAC conference. The topic? Securing a massive supply of power to the remote Ring of Fire development.
Cliffs is leading development of the Ring of Fire, an ultra-rich source of chromite and other metals located in a very remote corner of the James Bay Lowlands in Northern Ontario. The provincial government views it as crucial for economic development in the North, where it is expected to become the next major Canadian mining camp.
As part of the development plan, Cleveland-based Cliffs needs to build a 300-megawatt ferrochrome production facility. According to Mr. Boor, it could be the single biggest power user in the entire province.
And that’s the challenge. With such a huge power requirement, Cliffs needs to cut a deal to secure a massive supply of affordable power. Rather than do it quietly, the company came out and named four jurisdictions that could potentially provide it: Sudbury, Timmins, Thunder Bay and Greenstone.
