April 28, 2014 – The Ontario government says it is prepared to commit up to $1 billion to develop “strategic, all-season industrial and community transportation infrastructure” in the Ring of Fire, which is regarded as one of the most significant mineral regions in the province.

Located 540 km northeast of Thunder Bay, the Ring of Fire has mineral potential known to be worth $60 billion, and includes the largest deposit of chromite ever discovered in North America, says the province. The region also holds the potential for significant production of nickel, copper, gold and platinum.

“We are committed to driving progress and investing in infrastructure development in Northern Ontario’s economy,” said Charles Sousa, Ontario’s minister of finance. “We are looking to the federal government to match our commitment of $1 billion to unleash the Ring of Fire so that we can seize this tremendous economic opportunity of national importance.”

The province says it is currently facilitating the creation of a development corporation to accelerate infrastructure development in the region. The corporation will bring together key mining companies, First Nations, and the provincial and federal governments to develop, construct, finance, operate and maintain infrastructure.