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Noront Hits a Stumbling Block in Ontario’s Ring of Fire

Last month, Noront Resources was riding high after announcing plans to snap up Cliffs Natural Resources' chromite assets in Ontario's Ring of Fire. In the last month, however, the situation has changed significantly, and now it's uncertain whether Noront's ambitious consolidation plans will indeed come to pass.

Noront Resources: Locking Down the Ring of Fire

Noront announced Monday that it's entered into an agreement to acquire, among other things, Cliffs subsidiaries Cliffs Chromite Ontario and Cliffs Chromite Far North. All in all, the transaction includes about 103 claims that comprise 100-percent interests in the Black Thor and Black Label chromite deposits, plus a 70-percent interest in the Big Daddy chromite deposit.

Chromium: An Essential Metal

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. The metal is now commonly used in stainless steel.