Cliffs Natural Resources announced that it plans to sell its chromite assets in Northern Ontario, Canada, to Noront Resources Ltd. for $20 million. The transaction consists of more than 100 claims, including a 100% interest in the Black Thor chromite deposit; a 100% interest in the Black Label chromite deposit; and a 70% interest in the Big Daddy chromite deposit. It also gives Noront 85% ownership of the McFauld’s Lake copper zinc resource.
“This purchase consolidates the world-class discoveries made in the Ring of Fire,” said Noront President and CEO Alan Coutts. “It also underscores Noront’s long-standing belief and commitment to the region. We have made significant investments in the Ring of Fire and our team has become experts in the region from both a technical and social point of view. We also believe in the considerable exploration upside, which we are eager to develop.”
Upon closing, Noront will hold a total of approximately 360 mining claims and roughly 65% (80,000 hectares) of the emerging mining camp known as the Ring of Fire, located 500 km northeast of Thunder Bay. Noront said these additional assets, alongside its existing Eagle’s Nest nickel-copper-platinum group element deposit and its Blackbird chromite deposit will allow it to further its vision of becoming the leading resource company in the area.
