Joseph Quesnel is a senior fellow with the Fraser Institute.Kenneth Green is senior director of natural resource studies at the Fraser Institute.
It has been 10 years since the discovery of a massive chromite deposit in Northern Ontario, which could be a game changer for the region’s economy. But despite this potential, the developers are still as far away from bringing a mine into operation today as they were a decade ago.
Known as the Ring of Fire, the area is rich with deposits of chromite — which is used in the production of stainless steel — nickel and copper.
The possible upside of the region’s economic potential is tremendous. At one point, then Conservative treasury board president Tony Clement called the Ring of Fire an economic equivalent of the Alberta oil sands given the projected investment required. That may be an exaggeration of course, but the deposit nevertheless has the potential for thousands of jobs for several decades of mining. Continue Reading →