Noront the new king of the Ring – The Sudbury Star

March 24, 2015

Just when I was ready to title my next Ring of Fire column, “Lost and sinking in the political muskeg of the James Bay lowlands,” a corporate bolt of lightning struck Monday, when Noront Resources, with the backing of Franco Nevada Corporation, announced the acquisition of Cliffs’ chromite properties.

Without a doubt, this is the mining deal of the century — and/or an extraordinary fire sale.

Let’s remember that Cliffs, through the acquisition of junior miners Freewest and Spider in the heady days of 2010, and subsequent exploration expenditures, spent roughly $540 million on the Ring of Fire. The low price was probably worsened by Cliffs CEO Lourenco Goncalves’ headline-generating criticism of the proposed project, repeatedly stating that it had “zero hope” of being developed in his lifetime.

Read More: http://www.thesudburystar.com/2015/03/24/noront-the-new-king-of-the-ring