By Alan Coutts, President and CEO
When people talk about the Ring of Fire, they tend to focus on the rich chromite deposits highlighted by the media. But, the first mine that will be developed in the region will actually be Eagle’s Nest, a nickel deposit with strong concentrations of platinum, palladium and copper.
There are several reasons why Eagle’s Nest will be developed first. It was the initial discovery in the Ring of Fire (2007) and is the most advanced deposit having seen extensive geological work performed over the years. In 2012, a positive Feasibility Study was completed which determined the mine’s economic viability based on long-term metal prices, estimated capital requirements and operating costs.
Another important factor is an expected rise in nickel demand over the next five years as electric vehicles (EV) become more mainstream. Nickel is the number one component in EV batteries and we
want to be ready to profit from this high demand.
Finally, there are existing smelting plants in Sudbury for turning the Eagle’s Nest ore into nickel and copper. By contrast, there are no chromite smelters in Ontario, or in North America for that matter. It’s our plan to build a Ferrochrome Production Facility, however that won’t happen for five to seven years.
In the meantime, we will build the Eagle’s Nest mine, which will create over 600 jobs and ship our mineral concentrate via the all-season road to the existing CN railroad and then on to Sudbury for processing.
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