Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The Ontario Ministry of Northern Development and Mines announced today that Cliffs Natural Resources will invest $3.3 billion to build a chromite mine, transportation corridor and processing facility in Northern Ontario’s Ring of Fire, generating thousands of jobs and new infrastructure.
The Ring of Fire represents one of the most significant mineral regions in the province, and includes the largest deposit of chromite ever discovered in North America. The chromite found in this area, 540 kilometres northeast of Thunder Bay, is a key ingredient used to create stainless steel.
Cliffs Natural Resources has announced it intends to build a $1.8-billion chromite processing facility in Capreol, near Sudbury. This would employ 450 people during construction, and as many as 450 people when the facility is in operation. Mine and mill development, as well as the construction and operation of transportation infrastructure, could create an additional 750 jobs, plus hundreds of indirect employment opportunities for Northern Ontarians and First Nations’ communities.
Before Cliffs can make a final decision on the project in its entirety, the company must receive provincial and federal environmental assessment approvals, negotiate mutually acceptable agreements with affected First Nations communities, work with governments to address the lack of infrastructure in the Ring of Fire and complete its commercial and technical feasibility studies, said the company.
“We will continue our work to meet all of the requirements of the environmental assessment process as well as the expectations of the First Nations and local communities, especially with regards to the social, environmental, and economic performance of this project should it proceed,” said Bill Boor, senior vice president – global ferroalloys.
“The province is committing to a First Nations dialogue focusing on long-term environmental monitoring, socioeconomic and community development, regional infrastructure and resource revenue sharing. Ontario is calling on the federal government to work with Ontario and First Nations’ communities to advance the project,” said the government of Ontario in a statement.
Cliffs Natural Resources Inc. is a member of the S&P 500 Index, a major global iron ore producer and a significant producer of high- and low-volatile metallurgical coal.
The Ring of Fire is part of the Growth Plan for Northern Ontario. The federal and provincial governments said they are co-ordinating environmental assessments of the proposed processing facility, transportation corridor and mine site developments.
2 Comments
Youmi9433
How do you apply for these jobs
MINING.com Editors
I’d start by looking here: http://www.cliffsnaturalresources.com/en/careers/Pages/default.aspx