Golden parachute for Cliffs boss
By: Northern Ontario Business staffGary Halverson’s time as president and CEO of Cliffs Natural Resources was short but sweet; extremely sweet.The Sudbury native, who was recently ousted as Cliffs boss, will receive $11 million in termination pay by the Ohio iron and coal miner.Halverson was appointed the company’s chief operating o...
New Gold enters credit facility arrangement
By: Northern Ontario Business staffVancouver’s New Gold has entered into a four-year, $300 million revolving credit facility with a syndicate of banks.The previous $150-million revolving credit facility was set to expire in December.The company has a portfolio of four mines and three projects under development, including its Rainy R...
Province to spend half-billion on Northern highways
By: Northern Ontario Business staffThe Ontario government announced $527 million is being earmarked for highway construction in the North.Some of the key construction projects include the ongoing four-laning of Highway 11-17 between Thunder Bay and Nipigon. A 20-kilometre stretch has been completed with a further 17 kilometres under...
Labour deal reached to reopen Kenora sawmill
By: Northern Ontario Business staffUnifor has reached a long-term contract with Kenora Forests Products to restart sawmill operations by the beginning of 2015.The new deal will result in millions of dollars in capital investment to modernize the mill and to install an additional saw line for expanded lumber production, according to...
The Ring of Fire court follies continue
By: Northern Ontario Business staffIt’s an appeal of the appeal.KWG Resources reports it intends to appeal the decision of an Ontario Division Court regarding use of surface rights on its Ring of Fire mining claims.On July 30, the court set aside a decision reached by the Ontario Mining and Lands Commissioner from last September tha...
Mining vet joins Zenyatta board
By: Northern Ontario Business staffZenyatta Ventures has added industry
veteran Ken Stowe to its board of directors.The well-respected mining engineering has
more than 35 years of experience under his belt.He was mostly recently president and CEO of
Northgate Minerals from 2001 until his retirement in 2011. Stowe spent 21 years w...
Dynamic Earth expansion underway
By: Northern Ontario Business staffGreater Sudbury city council is supporting new
visitor exhibits at Dynamic Earth with a $250,000 grant for a planned
$3-million expansion that will include a new gallery, theatre and outdoor
science park.Construction began this summer with
completion scheduled for the spring of 2015. Over $6 mi...
Chief warns gov’t, developers to respect treaties
By: Northern Ontario Business staffOntario Regional Chief Stan Beardy issued “formal
notice” to government and resource developers in late July that First Nations
intend to assert their inherent and treaty rights on their traditional lands in
Ontario.In a news release, Beardy delivered his
Notice of Assertions on the steps of th...