Noront Resources Threatens to Halt Work in Ring of Fire

The Financial Post reported that Noront Resources Ltd. (TSXV:NOT) is threatening to suspend its work in Ontario’s Ring of Fire.
The company has warned the provincial government and First Nations that it is growing frustrated with their lack of action on “government infrastructure commitments, First Nations agreements and other matters,” and has said it needs to demonstrate progress to shareholders.
Noront recently announced an exploration program in the region.
As quoted in the market news:

The company is expected to halt spending at its Eagle’s Nest project in the Ring of Fire by the end of the year if it does not see any progress. In that scenario, the Toronto-based Noront would lay off most of its workers and go down to a skeleton staff.
That would be a major setback for the Ontario government, which has made the Ring of Fire the centerpiece of its Northern economic development plans.
Sources said Noront is optimistic that its shutdown threat will get Queen’s Park and the First Nations focused on moving forward on this file. However, the next few weeks will be critical.

Click here to read the full Financial Post report.