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Ring of Fire Chromite Deposit Poised to Become Major Canadian Mining Center
Jul. 27, 2012 04:00PM PST
Industrial Metals Investing
Mining Weekly reported that Northern Ontario’s Ring of Fire chromite deposit could be worth up to CA$50 billion and, with 30,000 claims currently established in the region, is likely to become one of Canada’s biggest mining hubs.
Mining Weekly reported that Northern Ontario’s Ring of Fire chromite deposit could be worth up to CA$50 billion and, with 30,000 claims currently established in the region, is likely to become one of Canada’s biggest mining hubs.
As quoted in the market news:
Toronto-based junior development company Noront discovered the chromite deposit on August 28, 2007, after they had announced that they found nickel, copper, platinum and palladium a few metres below the surface in northern Ontario.
The government of Ontario announced in April 2010 that it would open a large deposit of chromite in the area for development.
On its website, the Ontario government says, to date, about 30 000 claims have been established in the region and many of the discoveries – chromite, nickel, copper, zinc and gold – have great potential to be developed into economically viable operations.