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China's Baosteel solidifies its Ring of Fire stake in Noront

Baosteel Resources International, one of China's largest steel producers, has finalized its investment in Ring of Fire junior miner Noront Resources. Proceeds from the $17.
Northern Ontario Business Staff

Baosteel Resources International, one of China's largest steel producers, has finalized its investment in Ring of Fire junior miner Noront Resources.

Proceeds from the $17.6 million investment are earmarked for Noront's exploration program of its nickel and chromite projects in Ontario's Far North.

Baosteel has a 9.9 per cent stake in the Toronto company which could increase to 14 per cent with additional proceeds to Noront of $11.7 million.

“Baosteel's investment is a vote of confidence in our strategy of balanced exploration combined with innovative engineering to advance our projects toward development,” said Noront President and CEO Wes Hanson in a June 2 statement.

The company is currently drilling to expand its chromite resource at Blackbird and is doing engineering work on a feasibility study for its Eagle's Nest chromite resource.