In a move that is being heralded as both surprising and inevitable, US-based Cliffs Natural Resources has indefinitely suspended work on its Ring of Fire chromite project, located in Northern Ontario.
Chromium was not discovered until the early 19th century in the United States, where it quickly found use in the textile industry as a dye.
Billions of investment dollars are headed for Ontario’s Ring of Fire — and projects held by two small companies.
A brief overview of chromium price developments, supply and demand and significant market movers.
KWG Resources (TSXV:KWG), a Canadian company exploring for chromite in the James Bay region of Ontario, announced Tuesday an inferred resource of 43.8 million tonnes, graded 37.5% Cr2O3.
China Gerui Advanced Materials Group Limited (NASDAQ:CHOP) announced that after an aggressive marketing campaign they have increased their international customer base.
Vulcan Minerals Inc. (TSXV:VUL) that they have acquired a 51% working interest in the Tasisuak Lake property in northern Labrador from Nortec Minerals Corp for 1,000,000 common shares.
Noront Resources (TSXV:NOT) announced the appointment of Mr. Peter Mah and Mr. Yuanqing Xu to the company's board of directors.
Reuters reported that Kazakhstan has agreed to lift a moratorium on granting new mining licenses.
Reuters reported that India's largest copper smelter, owned by Sterlite Resources is to remain closed until at least April 29th over complaints of toxic emissions.
Reuters reported that Sterlite Industries has been fined 1 billion rupees for breaking environmental regulations at an Indian plant that has recently been closed because of environmental hazards.
Mining Weekly reported that benefication has taken a big step forward in South Africa with the introduction of R&D tax incentives for mining companies, which could mean an extra 50 percent income tax deduction on eligible R&D expenditures.