Ottawa has been throwing cold water on the Ring of Fire, a mineral deposit in Northern Ontario that was once thought to be worth more than $60-billion.
Since the federal Liberal Party came to power last year, the government has stonewalled requests to pay for infrastructure, lowered expectations for development and slashed its valuation for the deposit, according to internal Department of Natural Resources documents obtained by The Globe and Mail.
The skepticism among federal ranks has proven to be another barrier to mining the 5,000-square-kilometre crescent of mostly chromite in the boggy James Bay lowlands and boreal forest. Development of the Ring was already facing significant challenges: No permanent road access, no power, environmental concerns, a prolonged commodities slump and scores of unresolved issues with the nine First Nations groups that live in the region. Continue Reading →