OTCPK:NOSOF - Post by User
Comment by
rob1237on Nov 13, 2019 1:36am
285 Views
Post# 30343323
RE:RE:Globe and Mail Oct 26
RE:RE:Globe and Mail Oct 26
Globe says Noront sees Rickford hype Ring of Fire
2019-11-04 08:05 ET - In the News
The Globe and Mail reports in its Monday edition that the Ontario government appealed to Ottawa this summer to split a $1.6-billion construction bill for roads into the Ring of Fire region, despite mounting evidence the project is not economically viable. The Globe's Niall McGee and Jeff Gray write that they reviewed documents that show Greg Rickford, Ontario's Minister of Energy, Northern Development and Mines, sent an e-mail in July to a number of federal ministers asking for Ottawa to kick in as much as $779-million to roughly match Ontario's contribution. Mr. Rickford justified the business case by referencing several financial projections that have no supporting evidence. Last month, The Globe uncovered serious cracks in the investment case for the Ring of Fire. Mr. Rickford has pegged the value of known deposits at over $60-billion. Geologist James Franklin, the one who came up with the $60-billion estimate in 2013, has backed away from the figure. He says the estimates was just an educated guess, and did not account for mineral extraction costs and should not be used by Ontario to pitch the project. Mr. Rickford's recent correspondence with Ottawa contains statements that appear to hype the project.
© 2019 Canjex Publishing Ltd. All rights reserved.