Noront Resources’ presence at the Ring of Fire is now a little bigger. Noront, which is already the largest player at the chromite site, is buying a majority stake in MacDonald Mines.
Noront is picking up 147 claims from MacDonalds and now controls about 75 percent of all the staked claims at the James Bay site. The stock market liked the news. When the announcement was made on Tuesday, Noront shares climbed 11 cents to 46 cents a share.
Noront says it plans to buy even more claims from other Ring of Fire mining companies when the opportunity comes up. Even though the development is stalled, Noront is confident that, in time, the Ring of Fire will become Ontario’s next major mining camp.
(Written by: Rocco Frangione)