Cliffs Natural Resources Inc.

Cliffs Natural Resources Inc. Announces Consolidated Thompson Iron Mines Limited's Shareholders Overwhelmingly Approve Plan of Arrangement

CLEVELAND, Feb. 25, 2011 /CNW/ -- Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today announced Consolidated Thompson Iron Mines Limited's (TSX: CLM) shareholders overwhelmingly approved the plan of arrangement for Cliffs to acquire all of Consolidated Thompson's outstanding shares. At Consolidated Thompson's special shareholder meeting held today, approximately 76% of Consolidated Thompson's shareholders were represented in person or by proxy, and approximately 97% of these shares were voted in favor of approving the plan of arrangement. Under the plan of arrangement, Consolidated Thompson's shareholders will receive $17.25 Canadian dollars in cash for each common share outstanding.

(Logo: http://photos.prnewswire.com/prnh/20101104/CLIFFSLOGO )

As previously announced, Cliffs has committed financing and available liquidity sufficient to fund the purchase price. Cliffs expects to arrange for permanent financing by accessing the capital markets. The acquisition is expected to close in early second quarter 2011. Closing is subject to the satisfaction or waiver of certain customary closing conditions, including obtaining the following regulatory approvals: Competition Act (Canada), Investment Canada Act, Canada Transportation Act, and China - Ministry of Commerce.

To be added to Cliffs Natural Resources' e-mail distribution list, please click on the link below: http://www.cpg-llc.com/clearsite/clf/emailoptin.html

About Cliffs Natural Resources Inc.

Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, we are the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of high and low volatile metallurgical coal. With core values of environmental and capital stewardship, our colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Our Company is organized through three geographic business units:

The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Canada and six coal mines located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The Latin American business unit includes a 30% interest in the Amapa Project, an iron ore project in the state of Amapa in Brazil.

Other projects under development include a biomass production plant in Michigan and Ring of Fire chromite properties in Ontario, Canada. Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world's largest and fastest growing steel markets.

News releases and other information on the Company are available on the Internet at: http://www.cliffsnaturalresources.com/ or www.cliffsnaturalresources.com/Investors/Pages/default.aspx?b=1041&1=1

Forward-Looking Statements

Canada poised to become northern tiger

U.S. could bleed business to Canada, according to new comparison of tax regimes
CALGARY, Feb. 23 /CNW/ - Today, Prof. Jack Mintz, director of The School of Public Policy, released a paper co-authored by Duanjie Chen analyzing tax regimes of 83 developed and developing countries. In a global economy, this kind of comparison is a strong indicator of future investment, job and economic growth for those countries. 
"Over time, wage rates will slowly equalize around the world, so we are getting to the place where tax rates on business will be a key factor in determining where capital flows and business sets up shop," Mintz said. 
Mintz has frank advice for the United States: "Either reduce your exorbitant taxes on corporations and get in line with international rates, or face a bleeding of capital, business and jobs to more competitive countries, including Canada because of its geographic proximity, as well as developing nations." 
While Canada finished mid-pack amongst the countries studied, this is a vast improvement over competitiveness just six years ago.

BEHIND CLOSED DOORS

Liberal Premier Dalton McGuinty speaks about his government's accomplishments since 2003, at a Thunder Bay Chamber of Commerce luncheon on Thursday, Feb. 17, 2011 at the Italian Cultural Centre on Algoma Street. But the Liberal leader said he plans to hold those discussions behind closed doors.

 
“I’m sure you can understand I’m not going to have that conversation to them through you,” McGuinty said to reporters on Thursday afternoon, after delivering a half-hour campaign-style speech, with little specifically tailored to Northwestern Ontario, to community leaders at the Italian Cultural Centre.
 
“To do that would be disrespectful to them. But you can understand it’s one of many issues that I look forward to, through the Ministry of Energy and through our government, sitting down with them and talking about a whole range of opportunities here.”
Cliffs is one of the leading mining companies involved with the Ring of Fire project, a multi-billion dollar mineral deposit that houses one of the world’s largest chromite reserves. The Cleveland-based company has dangled up to 1,300 jobs in front of the province’s eyes, but last month threatened to pull up to 500 potential positions out of Ontario.

Northern Ontario Growth Plan .. update

Remember Gravelle's recent speech about...wanting to release the Ontario growth plan before Christmas ...but then...deciding due to municipal electioins and new majors coming on board he would wait until they were settled in. He mentioned, he'd release the growth plan AFTER all the inside folks had a chance to see it and review. Well, looks like it was detailed and discussed last Friday. Now we wait to see when the "rest of us", will get the details. Gravelle previously mentioned he was KEEN on releasing it.

NOLUM identify and agree on next steps.
Following the meeting last Friday for the Northern Ontario Large Urban Mayors, the key issue of the Northern Ontario Growth Plan was foremost on the agenda. The plan was introduced by the provincial government four years ago and according to Timmins Mayor Tom Laughren, the plan is expected for a launch before the provincial elections. Of major concern as well is that funding has not materialized for the initiative yet and the fear expressed is funding may come from the pre-existing dollars from the NOHFC. Other concerns on the agenda included energy costs, transportation issues, potential benefits from the Ring of Fire project and a platform to present to the political candidates for the next provincial election

Show Transcript - February 12-Global TV

Show Transcript - February 12-Global TV
Thursday, February 17, 2011 2:48 PM

Transcript for Saturday, February 12, 2011 - 1830
Return to the Ring of Fire
GUESTS –
Hon Michael Gravelle, Minister of Northern Development, Mines and Forestry
Garry Clark, Executive Director, Ontario Prospectors’ Association
SEAN MALLEN: Last year we travelled north to talk to some people who rarely get a voice on province-wide media, the First Nations who live in the area of the giant mining claim, nicknamed the Ring of Fire. They said they were being sidelined from projects that could be worth billions, and their simmering anger was already starting to boil over in demonstrations. During our visit they announced they’d be stepping back from their protests, but only temporarily. Recently we returned to the region and found that the patience of those same First Nations is running out, and they’re threatening to bring exploration work to a standstill.
(video clip)

Nickel Supply to be Squeezed

VALE ANNOUNCES FURNACE STOPPAGE IN NICKEL OPERATIONS

TORONTO, Feb. 18 /CNW/ - Vale informs that, due to a problem, furnace #2 of its Copper Cliff smelter in Sudbury, Ontario, Canada, will remain shutdown for a minimum of 16 weeks. The furnace stoppage is estimated to imply an output loss of 15,000 metric tons of finished nickel, representing 5% of our total nickel production planned for 2011.

Government program cuts in electricity rates to businesses could be extended

Government program cuts in electricity rates to businesses could be extended
2011-02-17 14:37:19 2011-02-17 14:37:19
(Source: Radio-Canada) . (Source: Radio-Canada) Minister of Energy and Infrastructure Ontario does not exclude the possibility of extending the duration of a program to reduce electricity costs for the major consumers of energy in the province.

 Minister of Energy and Infrastructure Ontario does not exclude the possibility of extending the duration of a program to reduce electricity costs for the main energy consuming enterprises in the province.
 Minister Brad Duguid hopes to convince the American mining Cliffs Natural Resources to treat chromite Ring of Fire in the province rather than in Quebec or Manitoba where electricity costs are lower.
 The program, which offers discounts of up to two cents per kilowatt hour for energy companies, will expire in 2013.

McGuinty says talking is the answer

Thursday, February 17, 2011
McGuinty says talking is the answer
The Ring of Fire mining development is still causing a rift between First Nations and the Ontario government.  Natives want  guarantees they'll benefit from the proposed chromite mine. Premier Dalton McGuinty says his government won't stop talking until an agreement is reached.  He says it's important to find the goodwill to conduct what he calls a positive and constructive dialogue

NOT Warrants now at 50 cents?????

I find this very interesting. I would expect the values to drop as time ticks on and the stock price is miles away from the option price. I know I asked NOT to consider reducing the exercise price because of the hurt inflicted on those that foolishly passed on the CLF/FWR deal. In my case, I rescinded the surrender but my broker did not get it done in time.
Possibly someone is buying, hoping that there will be a resolution at the next AGM.
Tim

Update on ROF Boy missing in TBay

Here's an update on a story we received from the NOT office. If you are living in TBay, volunteer some time to help find this young man.

Day Nine Continues in Search for Jordan Wabasse

THUNDER BAY – UPDATED 1600hrs – Day nine of the search for Jordan Wabasse will see the search continue both across the city, and along the Kaministiquia River where the OPP dive team will continue search efforts.
As of 1535hrs (3:35pm) the O.P.P. Underwater Search and Recovery Unit (Divers) are still in the water, however there are no results yet. They are still searching the Kaministiquia River around the James Street Bridge area.
The Search Headquarters have shifted to the Da Vinci Centre on 340 Waterloo St. South (Waterloo & Arthur) in Thunder Bay. People interested in helping, or donating can either drop by or call (807) 623-2415.
Cathy Elliot shares, “There is need of stationary for the Search Team at the headquarters. They need pens, markers, pads, the big paper pads etc. If you drop them off they’ll give you a receipt right away”.
Anyone with tips, information is encouraged to contact the Thunder Bay Police Service Criminal Investigation Branch at 1200 Balmoral Street or by telephone: (807) 684-1237 or fax (807) 623-6016. As well persons wishing to make their information known anonymously can contact Crimestoppers at 1 (800) 222-TIPS [8477].

---

Notice McGuinty saying "REAL THING."

Notice  McGuinty saying "REAL THING."  BRINGS BACK REAL DEAL TO ME Rule#6.

 If the deal is really for real, the market manipulator wants to get ALL OF YOUR SHARES or as many as he can... and at the lowest price he can. Whereas before, he wanted you IN his market, so he could dump his shares to you at a higher price, NOW when he sees that this deal IS for real, he wants to pay as little as possible for those same shares... YOUR shares which he wants to you part with, as quickly as possible.
The market manipulator will shake you out by DRIVING the price as low as he can. Just as in the "accumulation" stage, he wants
to keep everything as quiet as possible so he can snap up as many of the shares for himself, he will NOW turn down, or even turn off, the volume so he can repeat the accumulation phase.

McGuinty confident First Nations will benefit from Ring of Fire mining project
Posted on Wed, Feb 16, 2011, 4:19 pm by Alexandra Posadzki TORONTO – Premier Dalton McGuinty says he’s confident the province can ensure that First Nations communities will benefit economically from the Ring of Fire mining project in northern Ontario.
But Ontario NDP Leader Andrea Horwath says the government ignored First Nations’ concerns during conversations around the Far North Act and the Mining Act last year.
The Matawa First Nations have threatened to block access to the massive chromite deposit located on Marten Falls and Webequie territories in the James Bay area.
They have felt excluded from the negotiations surrounding the development of the Ring of Fire. Chromite is used to make stainless steel.
McGuinty says Ontario brings goodwill to the table in negotiations.
“In some ways, you can understand where First Nations communities are coming from. They’ve been around for a long, long time, and they have watched prosperity pass them by on a regular basis,” McGuinty said during a scrum Wednesday.
“We’ve got to demonstrate that this is the real thing, and we want to make sure that they are partners in this.”
The Ring of Fire is the biggest mining find in Canada in more than 100 years, McGuinty said.
Michael Gravelle, minister of northern development, mines and forestry, said Wednesday that he is working closely with local First Nations communities.
Gravelle says he has spoken with Marten Falls Chief Eli Moonias several times over the past few weeks.
“We recognize how important the consultation process is,” Gravelle said. “We recognize that there are some tremendous opportunities for the First Nations. We also understand how important it is that the communities do indeed benefit from this development.”
The mining companies share the government’s belief that the Matawa First Nations must benefit economically from the project, Gravelle said.
The companies and the First Nations communities are slated to meet soon to discuss the issue. Some of the companies have already hired Matawa residents to work with them, Gravelle added.
But Horwath criticized the government for failing to make compromises to satisfy the First Nations during discussions around the far north and mining acts.
“They’ve basically made the bed that everybody’s going to have to lie in,” Horwath told reporters Wednesday. “I’m not surprised at all that we’ve ended up here, and I think it’s a black eye on the government for pushing forward legislation that they knew was not going to work.”

Babjak Research

Hi Tim,

I've been thinking of Noront's share price  today and thought I'd provide a summary.

(1) Sept. 9, 2010 , Noront Releases the following:
stand-alone economics of the Eagle's Nest Ni-Cu-PGM deposit, based on the Assumed Metal Prices(1) are:
    <<
    -   after tax NPV at a 6.0% discount factor of approximately $540
        million;
    -   after tax IRR exceeding 20%;
    -   at current spot metal prices, the after tax MPV increases by
        approximately 250 million and the IRR increases by an additional 5%
    -   initial capital investment estimated to be between $600- $625
        million;
    -   sustaining capital estimated to be between $270-$300 million;
    -   operating costs estimated to be between $120-$130 per tonne;
    -   project life of 11 years;
    -   capital expenditure payback between 3 and 4 years; and
    -   average operating cost estimate of approximately $3.00 per pound
        equivalent nickel based on the Assumed Metal Prices(1)

                                                                            Nickel Tubes

Quebec wants in on ROF Gravy for its Poutine

Mayor not surprised Quebec trying to horn in on Ring of Fire smelter

Laughren says Ontario needs to act on lowering electricity rates

By Len Gillis / lgillis@timminstimes.com

Posted 58 minutes ago

Timmins Mayor Tom Laughren said it is realistic to expect neighbouring provinces to try to horn in on Northern Ontario's Ring Of Fire chromite mining prospect.
Laughren was commenting earlier this week on news that Rouyn-Noranda, home of Xstrata's Horne Smelter, was actively lobbying to have that Northwestern Quebec city become the site of a new ferrochrome smelter.

The Ring of Fire refers to a new chromite discovery located near the community of Webequie, which is located about 500 kilometres due north of Marathon. It is a remote and sparsely populated area with heavy overburden of muskeg.

City officials meet with Cliffs

Mayor Marianne Matichuk met with representatives from Cliffs Natural Resouces on Feb. 16 to discuss the possibility of the company building a ferrochrome production facility in Greater Sudbury.

The spokesperson for the mayor's office, Paul Demers, said the meeting went really well.

“It's important that we have a good relationship with them,” he said. “They spoke with us about who they are and we told them who we are and about our community.”

Demers said no further meetings are scheduled with Cliffs at this time. He also said Cliffs brought up concerns about hydro rates in Ontario.

“This is still very preliminary,” he said. “Of course the issues that they have brought forward is a provincial issue, it's not a Sudbury-unique issue.”

On Feb. 3, Cliffs issued a press release stating it may build the facility within the city to process ore from a chromite mine from the Ring of Fire Development, located on the James Bay lowlands of northern Ontario.

Other areas in northern Ontario, including Timmins, Thunder Bay and Greenstone were mentioned as potential locations.

“This is a company that's doing their due diligence and looking around for an area in which they have a smelting plant and we are on their list,” Demers said. “When they ask to meet, we meet with them.”

Demers said Sudbury has many selling points that were mentioned to the company, including the mining labour force and access to education through local colleges and universities.

Cliffs meets mayor

By CAROL MULLIGAN, THE SUDBURY STAR

Posted 3 hours ago

A new corporate tax structure and a 25% industrial energy rebate make Ontario "more than competitive" in what it can offer Cliffs Natural Resources to convince the Cleveland-based mining company to build a ferrochrome processing plant here, says Rick Bartolucci.

Add to that the fact that Sudbury has the best qualified milling and smelting employees in the world, and there is no reason for Cliffs to look further than the Nickel City to process ore mined in the Ring of Fire in northwestern Ontario, says the Sudbury MPP.
Bartolucci said he is working with community partners to persuade Cliffs to see "the dramatic potential" that Sudbury has for it to build a smelter.

"may well benefit other mining operations in Sudbury and around

Notice the comment, "may well benefit other mining operations in Sudbury and around the North, according to project leaders."
I guess we know who they are talking about!


http://www.northernontariobusiness.com/Regional-News/sudbury/Mining-innovator-to-speed-up-underground-construction.aspx

Mining innovator to speed up underground construction

Rio Tinto invests in $10-million research effort

By: Nick Stewart

A $10-million research effort funded by Rio Tinto and coordinated through the Sudbury-based Centre for Excellence in Mining Innovation will first be tested at the mining giant's Northparkes Mine in New South Wales, Australia.
A $10-million investment in one of Sudbury’s major mining research nodes by Rio Tinto in December may well benefit other mining operations in Sudbury and around the North, according to project leaders.
The U.K.-based company’s partnership with the Centre for Excellence in Mining Innovation (CEMI) will target the high-speed construction and development of underground mines and the development of ground support systems.

Prof doesn't pull his punches. Watch out Dalton!

HI Tim,
Can you post the below for me on blog.  Thanks Ingrid

This was posted by Livio Di Matteo, a professor of economics at Lakehead University, Thunder Bay. Hopefully, he will be present on Thursday asking these questions.


Feb 14, 2011
Posted By: Livio Di Matteo
The Honourable Dalton McGuinty, Premier of Ontario will be in Thunder Bay on Thursday February 17th to participate in an informative luncheon on Ontario’s plan for jobs and growth sponsored by the Thunder Bay Chamber of Commerce.  The Premier will undoubtedly use the opportunity to promote his economic vision for Ontario in the wake of the recent recession and into the challenges of the next decade especially given the looming October election.  This will hopefully also provide an opportunity for the audience to ask Premier McGuinty some questions not only about the Ontario economy as a whole but also with respect to the economy of Northern Ontario.  Here is a list of potential topics I would like to see addressed.

OOPS! Robert Half Reveals Top Tech Etiquette Offenders

OOPS! Robert Half Reveals Top Tech Etiquette Offenders; New Guide Helps Prevent Career-Crushing Blunders


1. MENLO PARK, Calif., Feb. 15, 2011 /CNW/ -- In the days when "tweets" were bird sounds and a "text" was a book, workplace blunders had a limited audience. Now, however, these missteps can receive broad exposure -- with unhappy consequences: Three out of four (76 percent) human resources (HR) managers polled by Robert Half said technology etiquette breaches can affect a person's career prospects.

To view the multimedia assets associated with this release, please click; http://multivu.prnewswire.com/mnr/roberthalf/46961/

(Photo: http://photos.prnewswire.com/prnh/20110215/MM47209 )

To prevent professionals from falling victim to online gaffes, Robert Half has released a new guide, Business Etiquette: The New Rules in a Digital Age. The comprehensive guide offers tips for successfully minding your manners when using professional networking sites, social media, e-mail, instant messaging, mobile devices and more. The company has also identified five common types of tech etiquette offenders and how to ensure you aren't one of them.

HR managers were asked, "To what extent, if any, can technology etiquette breaches -- for example, sending e-mail messages to unintended recipients, checking e-mail on a BlackBerry during meetings, etc., adversely affect a person's career prospects?" Their responses*:

Greatly................. 15%

Somewhat........... 61%

Not at all............... 23%

Don't know........... 1%

---100%

*Survey of more than 650 HR managers in the United States and Canada at companies with 20 or more employees. The survey was developed by Robert Half and conducted via telephone by an independent research firm.

"Etiquette breaches, such as paying more attention to your smartphone than the people you're meeting with, can make others feel less important and cause you to miss information," said Brett Good, senior district president of Robert Half International. "Other mistakes, such as sending a confidential e-mail to the wrong person or impulsively posting an offensive comment on Facebook or Twitter, can have more serious, career-impacting consequences."

Robert Half identified the top five technology etiquette breachers and gives advice to help workers avoid these labels:

1. The Venter. This indiscreet individual never misses an opportunity to document a bad work situation. Job-related gripes and groans get splashed across Facebook, Twitter and her personal blog. E-mail, too, takes a decidedly negative tone.

Advice: Look on the bright side. To avoid this label, keep the information that you post positive. Sticky or unpleasant situations are best discussed offline and in private.

2. The Noise Polluter. This person's phone seems to lack a silent mode or an off button. Whether in a meeting or at a colleague's desk, he freely takes and makes calls, oblivious to his surroundings. Between noisy ring tones and loud public broadcasts of personal conversations, it's impossible to concentrate when he's nearby.


Advice: To keep office noise at a minimum, set your phone to silent mode at the office, and hold personal conversations behind closed doors.

3. The Cryptic Communicator. This person relies on texting shorthand for every type of correspondence. Odd or informal abbreviations, poor punctuation, and spelling and grammatical goofs leave people shaking their heads -- and pleading for clarification.

Advice: Slow down, and take it easy on the abbreviations. Spending a little more time on your communications can make them easier to decipher.

4. The Pop-Up Artist. While you're trying to complete assignments, this chat fanatic insists on sending you a flurry of instant messages. Throughout the day, you're subjected to the pings and pops of incoming IMs: RUTHERE? CYE [check your e-mail]!

Advice: IMs are fine for quick volleys of conversations, but don't go overboard. And don't expect that everyone will want to "chat" with you. For many, e-mail is immediate enough.

5. The Conference Call Con. This multitasker pretends to pay attention during teleconferences but is so busy checking e-mail he has no clue what's being discussed. It's not an unusual problem: 45 percent of executives confessed to frequently doing other things while in these meetings, according to another Robert Half survey.

Advice: Although we all multitask from time to time, pay attention to relevant conversations when on conference calls. It can help to turn away from your monitor so you're not distracted by e-mail.

Playing Hardball - FN trash talking

Keep it local
By Leith Dunick, tbnewswatch.com

Leith Dunick, tbnewswatch.com

Ginoogaming Chief Celia Echum and Long Lake #58 First Nation Chief Veronica Waboose sign a memorandum of understanding between Matawa First Nation communities and Lake Nipigon First Nations communites at Matawa's Thunder Bay heaadquarters on Friday. Unless a ferrochrome processing facility is built in Northwestern Ontario, a group of Northern chiefs are threatening to bring the Ring of Fire to its knees.

“We’re not going to allow anyone to take any of these minerals and process them somewhere where our communities are not going to benefit and our people are not going to benefit,” said Matawa CEO David Paul Achneepineskum on Friday, after his chiefs signed a memorandum of understanding with the Lake Nipigon First Nations detailing a commitment to work together on mining and energy infrastructure issues.

Friday Afternoon, time to relax, Latest pic from ROF

Chris from KWG sent this along... latest pic from the ROF.... just jokin
Tim

Building a future

'A nice snippet from yesterday's Thunder Bay's news watch . Note the line, " the North deserves special attention and reiterated a call for the province to release the final version of the Northern Ontario Growth Plan and the money to pay for it."
I'm looking forward to the final version of the Northern Ontario Growth plan and perhaps we'll see when China Investment Corporation fits into all of this.'

The future is now for Thunder Bay, says Mayor Keith Hobbs.

Delivering his first ever state of the city address before a packed house Thursday morning, Hobbs embraced partnerships with both the First Nation and business communities, called for less poverty and crime, and promised to work hard to bring more jobs, economic diversity and acceptance to Thunder Bay.

Hobbs said the city and Northwestern Ontario are positioned perfectly to benefit from the demands being made on the region’s natural resources, adding he wants to help the city take advantage of the “huge opportunities” and prosper one and all.

Dalton to come to TBay

Local visit scheduled for Ontario’s premier
By tbnewswatch.com

Ontario’s premier is expected to make a local stop next week.
According to an information flyer sent out by the Thunder Bay Chamber of Commerce, Premier Dalton McGuinty is expected to appear for a Chamber sponsored informative luncheon on Thursday, Feb. 17.
The conference is titled Ontario’s Plans for Jobs and Growth.
Registration for the event is scheduled to begin at 11:15 a.m. with a presentation at 11:50 a.m. at the Italian Cultural Centre on Algoma Street. Admission is $30 for chamber members and $40 for general admission.

Delays, delays, delays, election

Remember Gravelle's recent speech about...wanting to release the Ontario growth plan before Christmas ...but then...deciding due to municipal electioins and new majors coming on board he would wait until they were settled in. He mentioned, he'd release the growth plan AFTER all the inside folks had a chance to see it and review. Well, looks like it was detailed and discussed last Friday. Now we wait to see when the "rest of us", will get the details. Gravelle previously mentioned he was KEEN on releasing it.

NOLUM identify and agree on next steps.
Following the meeting last Friday for the Northern Ontario Large Urban Mayors, the key issue of the Northern Ontario Growth Plan was foremost on the agenda. The plan was introduced by the provincial government four years ago and according to Timmins Mayor Tom Laughren, the plan is expected for a launch before the provincial elections. Of major concern as well is that funding has not materialized for the initiative yet and the fear expressed is funding may come from the pre-existing dollars from the NOHFC. Other concerns on the agenda included energy costs, transportation issues, potential benefits from the Ring of Fire project and a platform to present to the political candidates for the next provincial election.

Last Updated on Thursday, 10 February 2011 08:36

JP Morgan and smaller carrots

JP Morgan and smaller carrots
posted on Feb 09, 11 06:28PM Use the IP Check tool [?]

Please read the interesting story below, but ,before you do here is a Nov. 27,2007 refresher.
J.P. MORGAN SECURITIES INC. SIGNS ON WITH NORONT RESOURCES LTD.
TORONTO, ONTARIO (November 27, 2007) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) is pleased to announce that it has entered into an agreement with J.P. Morgan Securities Inc., to assist the company in evaluating strategic alternatives to maximize shareholder value. JPMorgan will work along side co-advisor IBK Capital Corp. to develop strategies to unlock what Noront management and Board of Directors believe to be a significant unrecognized value in the company's stock price.
Richard Nemis, president and chief executive officer, said: "We are very pleased to have a firm with JPMorgan's global relationships in the mining sector working alongside our long-time advisor IBK Capital to explore ways to create value for our shareholders. Noront continues to define its very attractive nickel-copper discovery in the James Bay Lowlands, as well as its high-grade gold discovery at Windfall Lake, and believe that these assets will be seen as attractive development opportunities by several global mining companies. JPMorgan's mandate will include the coordination of discussions with interested parties on a potential investment in, or acquisition of the company, at a time and on terms that produce the best possible value to Noront's shareholders." Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 118,354,582 shares issued to date.


JP Morgan must settle for a smaller carrot
February 9, 2011

In a court battle between an investment bank seeking to recover extremely steep fees and a tough Ukrainian businessman refusing to pay, it's hard to find an underdog.
The NSW Court of Appeal yesterday found that JP Morgan had no right to the $50 million in advisory fees it had charged Consolidated Minerals - a company which is now owned by Gennadiy Bogolyubov.
But there was little downside for JP Morgan in rolling the legal dice again and appealing the NSW Supreme Court judgment it lost last year. There was a potential $30 million to recoup - and the costs of the appeal would represent only a small fraction of that amount.

Matichuk wants meeting with minister

Matichuk wants meeting with minister
By CAROL MULLIGAN THE SUDBURY STAR
Posted 2 hours ago

Greater Sudbury Mayor Marianne Matichuk has asked for a meeting with Ontario Energy Minister Brad Duguid as soon as possible to discuss what the city -- and the province -- can do to lower hydroelectricity rates to be more competitive to business.
Matichuk called for the meeting after a report last week that Cliffs Natural Resources was looking at a site near Capreol as a possible location for a smelter to process chromite mined in the Ring of Fire.
Cleveland-based Cliffs' chromite project involves the largest known North American chromite deposit, about 350 kilometres north of Nakina and 200 kilometres west of Hearst in Northern Ontario.
Bill Boor, president of Cliffs' Ferroalloys division, said last week that hydro rates could be the stumbling block to locating a smelter to process the ore in Ontario.

Electrical rates hurt industry in North: MPP

Electrical rates hurt industry in North: MPP
By CAROL MULLIGAN THE SUDBURY STAR
Ontario Energy Minister Brad Duguid's heart is in the right place when it comes to wanting new jobs in the resources industry to stay in the province, says Nickel Belt MPP France Gelinas.
But his government's energy policies are not far-sighted enough to make Ontario cities such as Sudbury attractive -- and competitive -- for companies such as Cleveland's Cliffs Natural Resources.
Cliffs released its plans last week to build a processing plant for chromite ore it will mine at its Black Thor deposit in the Ring of Fire in Northern Ontario. A site near Capreol is under consideration as one of the locations for the plant.

Locating the ferrochrome production facility in Sudbury -- or anywhere in Ontario -- is largely dependent upon a large, reliable, long-term and cost-competitive supply of electricity, the company said last week.
The processing plant would bring hundreds of jobs with it -- as many as 950 jobs during construction of the plant and 1,300 when the operation is in full gear. That would include 300-500 at the mine, 200-300 in transportation and 400-500 jobs at the chromite processing plant.
Duguid said his government has worked closely with people in the mining sector and other large industries to come up with an Industrial Conservation Initiative.
There is the potential for "huge opportunities for savings" with the bill, Duguid told The Sudbury Star on Monday, and Cliffs may not even be aware of the program or its savings yet.
It could save the company up to 25% of its electricity costs, based on time of use. Other plans such as the Conservation Accelerator Program provide other savings.
"We've taken some very significant measures in the last 12 months" to improve hydro rates for industry," said Duguid.
And while Gelinas gives him credit for the new programs, she said they only remain in effect for five years.
Companies such as Cliffs are looking for long-term energy policies so they can plan their futures, said the MPP.

Sweetheart Deal?

with one week to go before Valentine's day, I welcome this sweetheart deal. Pay close attention the the words :But now, to find out that Dalton McGuinty is willing to hand out another sweetheart deal on the side. I guess Randy knows more than we do since he uses the words, " but now to find out...." Monday, 07 February 2011 12:53

Queen’s Park – It is unacceptable for a government to indicate that they may set one hydro price for one company while others are suffering, but that’s exactly what Dalton McGuinty’s government seems to be doing. Randy Hillier, PC Party critic for Northern Development, Mines and Forestry today blasted comments by the government that there was room for discussion on high hydro prices in exchange for a new Ferrochrome processing facility. Cliffs Natural Resources, a company interested in the Ring of Fire development, released a statement last week saying they would be willing to build a new processing facility, but were unable to proceed due to inordinately high hydro prices. In response, Minister for Northern Development Michael Gravelle stated “I certainly recognize that we will need to become engaged in serious discussions with Cliffs related to the energy issues associated with a processing facility.” “Is the Minister going to cut this company another McGuinty Sweetheart Deal?” asked Hillier. “Where were the special sweetheart deals for the Xstrata smelter which closed in Timmins due to exorbitant hydro prices just months ago, laying off hundreds of workers? Where were the special hydro rates for over 60 Northern timber mills which have closed, all across the North, laying off thousands?” Energy prices have increased dramatically in recent months as the McGuinty Liberals have added new costs for consumers through the HST and the Green Energy Act. Companies like Samsung have already received special treatment from the government, in the form of a $7 billion deal. “I feel for Northerners who continue to struggle under this Liberal government. We have an abundance of clean Hydro sources in the North, and yet the Liberals continue to ignore them while they raise our prices with windmills and solar panels,” said Hillier. “I can understand the frustration of a Liberal government which makes you pay more to heat your house the same year they destroy your job. But now, to find out that Dalton McGuinty is willing to hand out another sweetheart deal on the side? It’s unconscionable.”

with one week to go before Valentine's day, I welcome this sweetheart deal. Pay close attention the the words :But now, to find out that Dalton McGuinty is willing to hand out another sweetheart deal on the side.

It’s unconscionable.”

Power not a Problem in the North

The power to prosper

THUNDER BAY – Perhaps looking at our region and seeking solutions for the issues that face us, the biggest obstacle is that in Ontario, the small population in our region are easily overridden by the wants and needs of Toronto. If you think of it, we have the power to prosper here in what is really western Ontario. The only place we are north of in Ontario is Toronto, if we accept the description of being in the “North”.
Our major communities, Dryden, Kenora, Fort Frances, Atikokan and Thunder Bay are all south of Winnipeg, Regina, Saskatoon, Calgary, Edmonton, Kamloops and Vancouver. Those western cities are not in the North, well, maybe Edmonton, I digress.
North is “North of 60″, we are living in Western Ontario. Yet in a Toronto mindset, western Ontario is from Toronto to London, to Windsor.
The differences between Thunder Bay and Toronto are greater than the distances that separate us. When you start looking at what real benefits we are getting, consider power rates. While our region produces cheap and green power, we are paying Toronto prices for it.
Sound fair?

Processing facility fight starting... market still asleep.

Hobbs to Comment on Ferrochrome Production Facility

THUNDER BAY – Thunder Bay Mayor Keith Hobbs will be responding to news from Cliffs Natural Resources Inc, that the company has picked Sudbury as its “base case” location for a possible ferrochrome production facility. Hobbs will be issuing his comments at a press conference later today.
Hobbs has suggested strongly that such a facility should be located in Thunder Bay.

Citing Ontario’s hydro rates, Cliffs Resources is stating that “At current provincial power rates, theres isn’t a location in Ontario that is economically viable for Cliffs to build such a facility.
The company also states in a release issued this morning that “The mine may transition to underground mining in 10 to 15 years after mining begins. Further testing and mine planning is required to determine the timing of a transition to underground mining”.
This seems to run counter to comments made by Michael Gravelle the Minister of Northern Development, Mines and Forestry who told the Port Arthur Rotary Club in early January that a mine could be operational within five years. “Both Cliffs Natural Resources, which is interested in bringing its chromite deposits into production, and Noront Resources, which is planning to develop its nickel discoveries are targeting to launch production in the Ring of Fire as early as 2015 or 2016. It’s a very ambitious timeline, but we will be working diligently to support this goal,” stated Gravelle.
Gravelle came under fire after his speech to the Port Arthur Rotarians from Mayor Hobbs. Hobbs suggested that Gravelle was not pushing hard enough for a processing facility to be located in Thunder Bay.
The Minister of Northern Development, Mines and Forestry has not yet issued any comments on the statement issued by Cliffs Resources.

Timmins is NOT being ruled out for the Ring of Fire project

Timmins is NOT being ruled out for the Ring of Fire project

Sudbury considered favourite site for a smelter, but only for feasibility study purposes. Timmins is still in the running.
By Len Gillis / lgillis@timminstimes.com / Cliffs Natural Resources news release


One of the leading companies in the "Ring of Fire" chromite mining prospect has released a statement saying Sudbury is now considered the most favoured site for a new smelter. But the same statement clearly indicates the possibility that Timmins could become the site of a new ferrochrome smelter.
Cliffs Natural Resources Inc. of Cleveland issued the report Thursday night to outline what it calls a "base case" for setting up mining, smelting and transportation for the new chromite deposit. Chromite is an essential component in the production of stainless steel. A teleconference news event was also held Friday morning.
Bill Boor, president ,Ferroalloys said his company is currently conducting pre-feasibility studies to determine the viability of the project of the chromite project.

With Sudbury being used as the base case, Cliffs will still be evaluating other Northern Ontario Communities. Timmins is one of them.

In order for the chromite to be smelted, the company would need to build a Ferrochrome Production Facility (FPF) which uses requires a massive 300 megawatts of energy. The Times has been told that Timmins would be able to supply that much energy through existing Hydro One infrastructure.
TIMMINS STILL IN THE RUNNING
"The Company has identified only a few places in Northern Ontario where this power requirement can be met," said the statement from Cliffs.
"A brownfield site within the City of Greater Sudbury was identified as the 'base case' location for the FPF. Cliffs has plans to continue to meet with other northern municipalities, including Thunder Bay, Greenstone and Timmins, to continue discussing the potential of locating the FPF in their community," said the report.
"At current provincial power rates, there isn't a location in Ontario that is economically viable for Cliffs to build the FPF. Despite this, we have named Sudbury as the "base case" location, which we believe is representative of a technically feasible site," said Boor. "The viability of an Ontario based FPF and final selection of the location are still being evaluated."

The report goes on to state that the site would need an all-season road to allow for supplies to go in and ore and concentrates to come out. At some point that road would need to be connected with existing rail lines, said the report.

Cliffs ingites a match this evening

CLEVELAND, Feb. 3, 2011 /CNW/ -- Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today, in connection with its ongoing discussions with stakeholders, released preliminary project information for potential development of its Black Thor chromite deposit in the McFaulds Lake or Ring of Fire area of Northern Ontario.

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    (Logo: http://photos.prnewswire.com/prnh/20101104/CLIFFSLOGO )

    >>

Cliffs Chromite Project involves the largest known North American chromite deposit, located in one of the most remote areas of Ontario, the Far North. Exploration to date has consisted of geophysics and diamond drilling to delineate the Black Thor chromite zone. The current inferred mineral resource estimate indicates the Black Thor deposit contains approximately 69.5 million tonnes at a grade of about 31.9% Cr2O3.

The project information released today presents a 'base case,' which reflects one set of realistic options for the major inter-related components of the project - from mining of the chromite ore to ferrochrome production. These 'base case' project components do not necessarily represent the final design, location or scope of the project. During the course of prefeasibility, feasibility and detailed design studies, other viable options may be identified and considered.

Cliffs website fuels Ring of Fire processing speculation

Cliffs website fuels Ring of Fire processing speculation
By tbnewswatch.com

Speculation surrounding possible sites for a processing facility for the chromite ore mined in the Ring of Fire area could come to an end Friday.

Cliffs Natural Resources, one of the major players in the Ring of Fire, is set to release more details on the project, including potential locations for an electric arc furnace.

According to the company's website, the planned mine is expected to produce 1 to 2 million tonnes of high-grade chromite ore annually. Cliffs claims to control two of the three major deposits in the Ring of Fire.
 
Their website says the company plans to construct an open-pit mine and a mine-site processing facility, as well as a remote electric arc furnace to further process the ore into high-grade ferrochrome.

The website goes on to state that the facility is anticipated to be located on the north shore of Lake Superior.

Officials with Cliffs were not available for comment Thursday morning.

ROF Heating Up... KWG halted, Great News.... Pressure on CLF

XSTRATA LAB MAKES CANADA'S FIRST CHROME FROM BIG DADDY

Canada NewsWire

Symbol on TSX Venture Exchange: KWG

Shares issued and outstanding: 632,828,941

MONTREAL, Feb. 3 /CNW/ - KWG Resources Inc. (TSXV: KWG) announces that a historic milestone was achieved this morning when the first high carbon ferrochrome was produced in a test melt of the Big Daddy chromite bulk sample. The pilot plant test was conducted at the Xstrata Process Support facility in Falconbridge, Ontario, an independent and certified testing facility engaged by KWG to undertake metallurgical analysis of a bulk sample of material from the Big Daddy chromite deposit, as previously announced.

This demonstration that the Big Daddy chromite may be readily smelted into ferrochrome is a landmark event in the determination of the economic viability and technical feasibility of the Ring of Fire chromite discoveries.

"This is confirmation that our part of the globe hosts at least one substantial resource of this most important steel-making ingredient," said KWG President Frank Smeenk.

M. J. (Moe) Lavigne, P. Geo., Vice-President, Exploration & Development of KWG, is the designated "qualified person" (within the meaning of National Instrument 43-101) responsible for the preparation of this news release.

Comments from Bruce Hyer, NDP MP of Thunder Bay - Superior North

Comments from Bruce Hyer, NDP MP  of Thunder Bay - Superior North
Listening to the People

My recent January town hall tour included a week to Rocky Bay First Nations, Beardmore, Geraldton, Nakina and Longlac. The following week included stops in Pic River, Marathon, Terrace Bay, Schreiber, Pays Plat, Nipigon, and both Red Rocks.

On my way to Marathon and Pic River I got to battle the combination of blizzard and narrow Trans-Canada highway that we all know so well. I held public meetings and canvassed small businesses and residences in many communities.

I came away from this tour wiser, after listening and learning from you – the people who live, work, play and sometimes struggle in our communities.

Listening is what Mr. Harper should be doing.  He should be listening to families who are struggling to pay their bills.  He should be listening to small business owners who find the cost of doing business often outweighs the price that products can be moved off the shelf.  He should be paying heed to seniors who find that life is becoming unaffordable due to inadequate CPP, OAS and GIS.

And in a minority Parliament, he should be working with opposition MPs to help.
But Mr. Harper is focused on his own agenda – spending our money on fighter jets and huge prisons, gigantic tax breaks to large multinational corporations, and his bloated chauffeur-driven largest-in-history cabinet.

Is this at odds with the reality in which we live?  Does this bring jobs to Northwestern Ontario?
I am grateful for the thoughtful and intelligent opinions that I heard during my pre-budget consultations. They help me focus on what’s really important in Ottawa. I heard that our tax dollars would be better spent on:
•  Accessible funding for small businesses to start, expand and/or diversify.

•  Incentives to promote and encourage value-added production. And disincentives for the exporting of our raw natural resources for other countries to add value and then sell back to us as finished products.  One person said “Canada should put an immediate halt to the export of raw materials.  Imagine the jobs that would be created.  Large and small businesses would flourish.  Canadians are too nice – we don’t look after our own interests. Shouldn’t this be the vision of our Prime Minister?”  
                                                                                                                                       
•  Lowering hydro prices to attract investment to our region (it may be largely a provincial responsibility, but someone has to show leadership on electricity rates).
•  Bringing back the EcoENERGY Program to promote jobs and provide homeowner energy savings.
•  Enhancing EI benefits to assist those who remain out of work, through no fault of their own, after their benefits have run out. A constituent mentioned “EI fund money ($57 Billion) that was stolen from the workers to pay off general revenues should be put back and used to enhance the unfair EI system.”
•  Fixing bankruptcy legislation to ensure that workers are prioritized as insured creditors, so that severance and back-wages is paid when a company goes under;
•  Ensuring pensions are 100 per cent protected when a corporate entity closes its doors.

I sense a new widespread optimism with respect to the Ring of Fire development.  Critical to its far-reaching success is full and accountable consultations with all affected communities.  We must do it well from the start.
While in Nakina for a town hall meeting I hitched a flight with Nakina Air Service to the site of the Noront exploration camp at the Ring of Fire.  I was impressed.  A hardy crew of up to 90 was busy at work.  The conditions for workers (including many Aboriginal people) was immaculate, highly professional, and respectful of our ecosystem.

Thank you for opening up your homes, businesses, community centres and band office to me.  I appreciate your candid and thoughtful advice, and will bring your ideas to Ottawa.

Rosedale posted up this story a couple of weeks ago... I missed it; a good one

TORONTO (miningweekly.com) - TSX-V-listed Noront Resources, which has projects in Canada’s Ring of Fire region, has seen its share price plummet by 50% over the past year, in an environment of higher commodity prices and bigger risk appetites from investors, leading an analyst to call the stock undervalued.

Over the same period, the S&P/TSX-Venture Composite index has shot up by around 40% in value.

Dundee Securities analyst Rod Cooper said on Thursday that Noront was a typical example of a junior that had found an attractive target in a remote location, only to be “shocked” once the company ran some numbers on the likely costs of building a mine there.

In a preliminary assessment study of the Eagle’s Nest deposit, located in the St James Bay lowlands of Northern Ontario, released in September, Noront pegged the initial capital investment for a mine at between $600-million and $625-million.

The capital expenditure payback would between three and four years on an 11-year mine life, which still looks attractive, despite the challenging wetland geography that means Noront plans to build the mill underground, where tailings would also be stored.

But Cooper said in an interview that a solution to Noront’s problems was not likely far off.

“They have to find another deposit similar to Eagle’s Nest,” he said.

Kaiser Bottom Fish writer John Kaiser agreed.

I found this little piece of juicy stuff a few minutes ago. - Babjak

Irene just sent this over and has posted it on AG to try to cheer them up... they seem a bit down over there

I found this little piece of juicy stuff a few minutes ago.

Here is a video from Thunder Bay News watch dated  Jan.29, 2011.
It is a video of Michael Gravelle being interviewed. Important points to note are :
A growth plan was to be released before Christmas but was delayed.
Reasons given were: last October's municpal elections played a role in postponing the release: new majors wanted a chance to get "settled in" to their positions and it also allowed more time for Michael Gravelle's and the  Northern Liberals to discuss some of the measures in the growth plan.
Michael Gravelle said "he is KEEN to release this plan."
This plan will guide decision making and investment planning in the next 25 years.
Community leaders will be briefed on the plan before it is released to the public.
Bring on the Plan. Video is below.

http://tbnewswatch.com/video/21071/Growth-Plan

Freewest Losses.... Unbelievable

Update; Close February 1st ...gap widens to $1.58. I could have my Toureg diesel with that $$ Wes & Co.

I just did the math based on the January 31 closing numbers and (excluding warrants and CLF dividends and currency) Noront Shareholders are currently down $1.497 for EACH FWR share surrendered to NOT during their failed attempt to buy FWR. Do the numbers! You better have have a drink handy.

What you have;
# of FWR shares x2/7 x NOT price (0.79)

What you could have had;
# of FWR shares x0.02016 x CLF price(85.46)

This also assumes a par US$

Tim

Jobs, Jobs, Jobs; note related to ROF

http://www.gojobs.gov.on.ca/Preview.aspx?JobID=33130

Policy advisors for ROF & FN

Tim