Subscribe free to our newsletters via your
. Space Travel News .




TECH SPACE
$3.3 billion Canadian mining project scrapped
by Staff Writers
Alberta, Ontario (UPI) Nov 22, 2013


Cliffs Natural Resources Inc. says it has suspended plans for a $3.3 billion chromite mining project in Canada.

The company, based in Cleveland, mines iron ore and metallurgical coal in North America and Australia. It said in a statement this week it would not allocate more capital to the chromite project in northern Ontario's mineral-rich Ring of Fire region "given the uncertain timeline and risks associated with the development of necessary infrastructure to bring this project online."

Chromite is used to make stainless steel.

Cliff's decision comes amid volatile prices for many commodities and decreased demand from China.

"We continue to believe in the value of the mineral deposits and the potential of the Ring of Fire region for Northern Ontario,"said Bill Boor, Cliffs senior vice president, strategy and business development.

The remote area is believed to contain $60 billion worth of minerals.

Ontario acknowledged the limitations due to lack of infrastructure.

"We recognize that government is going to have to partner with the enterprises that are interested in developing the Ring of Fire, and we understand there will have to be collaboration on infrastructure development," Ontario Premier Kathleen Wynne said Thursday, The Globe and Mail reports.

"We're absolutely clear on that," Wynne said. "It's about a huge opportunity."

Wynne's government had announced two weeks ago a new development corporation would build $2.25 billion worth of infrastructure in the region.

The announcement was made before specific plans were formulated and the government didn't commit the money to fully fund it, says The Globe and Mail reported.

"Without land surface rights, without infrastructure certainty, without the (environmental assessment) process terms of reference being approved ... we can't continue to spend at the levels we're been spending," Pat Persico, a spokeswoman for Cliffs, told the newspaper.

H. Fraser Phillips at RBC Capital Markets, the corporate and investment banking arm of the Royal Bank of Canada, said Cliffs' project would have taken years to develop "if it could ultimately be developed at all," the Financial Post reports.

Based on estimates from Cliffs' July 2012 investor day, the chromite project required ferrochrome prices of $1.40 per pound to produce an internal rate of return between 14 percent and 17 percent.

With prices currently around $1, Phillips said the project's economics were "questionable at best."

As a result of its decision to scrap the chromite project, Cliffs can now focus on allocating its capital and resources to its core iron ore assets such as the Bloom Lake mine in Quebec, he added.

.


Related Links
Space Technology News - Applications and Research






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TECH SPACE
SlipChip Counts Molecules with Chemistry and a Cell Phone
Pasadena CA (SPX) Nov 25, 2013
In developing nations, rural areas, and even one's own home, limited access to expensive equipment and trained medical professionals can impede the diagnosis and treatment of disease. Many qualitative tests that provide a simple "yes" or "no" answer (like an at-home pregnancy test) have been optimized for use in these resource-limited settings. But few quantitative tests-those able to measure th ... read more


TECH SPACE
Arianespace orders ten new Vega launchers from ELV

NASA Commercial Crew Partner SpaceX Achieves Milestone in Safety Review

ASTRA 5B lands in French Guiana for its upcoming Ariane 5 flight

Kazakhstan say Baikonur launch site may be open to Western countries

TECH SPACE
Rover Team Working to Diagnose Electrical Issue

Research uncovers secrets of Mars' birth from unique meteorite

Billionaire eyes private Mars mission in 2017

Stunning meteorite sheds light on infant Mars

TECH SPACE
Big Boost for China's Moon Lander

Rediscovered Apollo data gives first measure of how fast Moon dust piles up

NASA's GRAIL Mission Puts a New Face on the Moon

Moon mission yields clues to face of 'man in the moon'

TECH SPACE
The Sounds of New Horizons

On the Path to Pluto, 5 AU and Closing

SwRI study finds that Pluto satellites' orbital ballet may hint of long-ago collisions

Archival Hubble Images Reveal Neptune's "Lost" Inner Moon

TECH SPACE
NASA Kepler Results Usher in a New Era of Astronomy

Astronomers answer key question: How common are habitable planets?

One in five Sun-like stars may have Earth-like planets

Mystery World Baffles Astronomers

TECH SPACE
XCOR and ULA Achieve Major Milestone With Liquid Hydrogen Engine

Wind Tunnel Testing Used to Understand the Unsteady Side of Aerodynamics

NASA and Sweden to test High Performance Green Propulsion technology

Russia Mulls Development of New Super-Heavy Carrier Rocket

TECH SPACE
China shows off moon rover model before space launch

China providing space training

China launches experimental satellite Shijian-16

China Moon Rover A New Opportunity To Explore Our Nearest Neighbor

TECH SPACE
Comet ISON, hype aside, is an intriguing cosmic visitor

Scientists find that Mars, not Earth, shakes up some near-Earth asteroids

Asteroids should be colonized or used as transport to planets

MicroObservatory Catches Comet ISON




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement