Ontario’s Minister of Energy, Northern Development and Mines Greg Rickford was in Sault Ste. Marie on Tuesday to discuss updates on the Ring of Fire project, set to start production in 2025, with the completion of the ferrochrome plant set for 2028.
Noront Resources, a mining company based in Toronto, announced in May that the Sault would be home to the new Ferrochrome Production Facility, located on property at Algoma Steel. The plant will be used to process chrome orr deposits gathered from the Ring of Fire which will then be made into Ferrochrome to be sold in stainless steel markets in the U.S.
Rickford, along with Sault MPP Ross Romano and Noront Resources president and CEO Alan Coutts, held a press conference at Algoma Steel, where Coutts announced that Noront has signed memorandums of understanding with First Nations communities in the Ring of Fire area and is also in talks with Algoma Steel on the terms of the company’s tenancy for the construction and operation of the planned FPF which would be located adjacent to the steelmaking operation on Algoma Steel property.
“The signing of the agreement would result in Algoma receiving an equity position in the Noront project,” he said.
Algoma Steel CEO Michael McQuade explained that Noront will pay a tenancy fee for being on the steel plant’s property, helping the plant dollarize the value of their excess land.
“It’s good news for Algoma Steel,” he explained.
The construction of the FPF project will create approximately1,500 jobs, and the plant will employ around 300-500 people once it’s up and running.