The province announced today it met its campaign promise of establishing a development corporation for the Ring of Fire within 60 days of re-election.
With headquarters to be located in Thunder Bay, the Ring of Fire Infrastructure Development Corporation will work to bring First Nations and the public and private sectors together to create partnerships and facilitate investment decisions in strategic transportation infrastructure.
The not-for-profit corporation has an interim board of four Ontario public servants. The board will put the necessary structures in place in order to allow for partners to determine their participation in the corporation. This includes working with key partners including First Nations, industry, communities, and the federal government, to formalize partnerships through the corporation, and overseeing an economic and technical baseline feasibility report on transportation infrastructure.
As participation in the corporation evolves, the board of directors will be broadened to include membership from First Nations and industry partners. In its mature state, the corporation will be in a position to advise on crucial infrastructure investment decisions, the province said in a news release, including how to best use Ontario's $1-billion commitment to Ring of Fire infrastructure.
More information to come.