Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
“Getting it right” in developing the estimated $30-50 billion worth of untapped mineral resources in northern Ontario’s ‘Ring of Fire’ could transform the region, creating tens of thousands of jobs, according to Canadian Treasury Board President Tony Clement and Thunder Bay Mayor Keith Hobbs.
Hobbs wants his city – which lies 500 km south of the ‘Ring’ – to be “the next Fort McMurray,” referring to the Alberta oil sands boomtown.
For this to happen, Hobbs knows there must be sufficient support from the Anishinaabe/Omushkego, the First Nations who live in the same area as the proposed mining projects.
Canadian government officials at the federal, provincial and municipal levels have been campaigning to overcome opposition from the Anishinaabe/Omushkego, promising a collaborative approach:
“We have to get it right, especially for the Aboriginal communities to ensure they have the tools to fully participate in the development,” said Christine Kaszycki, who runs the Ontario government’s Ring of Fire secretariat.
But doubts, about the ability of the local communities to share in the economic benefits of development, continue to linger. The necessary tax burden that Ontarians would be required to shoulder is another red flag: infrastructure alone, to support the Ring of Fire, has an estimated price tag of $1 billion.
Read more here.
9 Comments
Yoho
Dreaming if anyone thinks this makes sense within the next 30 years in Canada.
Danno on 5 Owe
it will take years, I will be long retired and sitting on the beach.
Fred Stubbs
Typical of the natives, they will stall any progress and then demand more money while their kids sit around sniffing gasoline.
Darryl Stretch
Nice promotion
Now if we could just talk about that little problem the government created at Lake Abitibi. Nearly two years since Ontario screwed stakeholders there
trevormarr
it takes money to make money… life is not a free ride. Let’s make Canada stronger and more successful than ever!
Mike
All ON has to do is look at the success of Goldcorp’s Eleonore project, JV with our aboriginal brothers is both doable and beneficial to both parties….. cheers.
frankinca
The white man has caused enough problems in N. America, taking native lands by the power of guns and disease. So negotiate, negotiate. A win-win situation has to be the aspiration and if done publically will get the best results. Secret negotiations and private bribery is asking for big trouble.
Ali
The company should have been talking and making a relation with the people living them during its long exploration project so that there won’t be delays now. More importantly I like free market, build the mine if it will make enough money to pay for its road. If it needs subsidy, forget it.
hobo
50 billion worth isn’t that much anyway. What is Ontario’s debt, 270 billion? Assuming provincial takes in 20% royalty, that’s only 10 billon going into 270 billion debt. This wont wave Ontario’s bacon