SUDBURY, Ont.—Cliffs Natural Resources has named a location near near Sudbury for a $1.8 billion ferrochrome processing facility.
The proposed smelter would process chromite into a key component of stainless steel.
Northern Development and Mines Minister Rick Bartolucci announced today that the new smelter would be built in Capreol, and would create about 900 new jobs.
However, the company and the province are still negotiating key parts of the agreement, such as the need for expanded provincial infrastructure and whether Cliffs will be granted an exemption to process some materials outside of Canada.
The deal is expected to be finalized in the coming months while Cliffs anticipates a majority of the project’s capital investments would be made in 2014 and 2015, with an early works program “initiated prior to 2014 to maintain project execution timeline.”
Cliffs is one of over 20 companies holding claims in the Ring of Fire, which also holds the potential for production of nickel, copper and platinum.
Cliffs Natural Resources Inc. is a mining and natural resources company based in Cleveland, Ohio, with market capitalization of $8.11 billion and first quarter revenues of $1.26 billion.