Don’t write the obituary for the Ring of Fire mining project just yet.
There’s been reports that one of the major players, NorOnt Resources, has been considering pulling out and the opposition at Queen’s Park is saying a proposed chromite tax could be a deal breaker.
However, Thunder Bay mining expert John Mason predicts the big players aren’t going anywhere just yet.
Mason says they have some solid management with NorOnt, with the backing of a large steel company in China.
He also notes American financial interests in the project.
However, Mason notes NorOnt can’t just keep investing money without seeing any results.
He says the next 9 to 24-months will be a critical time and that will determine whether the mining project moves forward.
