The Ring of Fire project is “beyond the point of no return” in spite of renewed government pledges to move ahead, says the CEO of the mining company that owns the rights to most of the resources in the remote Northern Ontario mineral deposit.
Cliffs Natural Resources Inc. CEO Lourenco Goncalves made headlines last month with his declaration that he had “zero hope” that the Ring of Fire would be developed in his lifetime.
In an interview with The Globe and Mail this week, Mr. Goncalves said recent pledges from the federal and Ontario governments to support the project with public infrastructure cash have not changed his assessment of the project’s viability.
“Last month I said it would not happen in the next 50 years. This month I will say it’s not going to happen in 49 years and 11 months,” he said. “We are beyond the point of no return.”
Bill Curry & Bertrand Marotte – Globe and Mail – November 20, 2014.
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