02:07:16 EDT Sun 05 May 2024
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Noront Resources Ltd
Symbol NOT
Shares Issued 231,680,614
Close 2013-12-05 C$ 0.16
Market Cap C$ 37,068,898
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Globe says Noront awaits Ontario Mining Tax Act review

2013-12-06 07:14 ET - In the News

The Globe and Mail reports in its Friday, Dec. 6, edition that there is much at stake for Ontario as it tries to map out the potentially lucrative future for its mining sector. The Globe's David Parkinson writes that Ontario Premier Kathleen Wynne wants Ottawa to help the province finance the estimated $2-billion cost to build the infrastructure needed for the Ring of Fire mineral deposit where Noront Resources is the main player. Cliffs Natural Resources recently suspended its operations there, amid uncertainty about the infrastructure plans, and delays in environmental and first nations approvals. That gave a new sense of urgency to the province's efforts to get things moving, and to recruit Ottawa to help. The province continues to review its Mining Tax Act. Ontario has the lowest taxes on resource extraction of any province, and it wants to generate more revenue. It has dragged its feet on introducing a new structure, partly in light of the sharp downturn in commodity prices. But as the Ring of Fire push grows, the province is going to need to deliver clarity on just how big a pound of flesh it intends to extract from companies that want to exploit the area.

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