Canada is developing access to the remote northern region known as the “Ring of Fire” that is rich in both minerals and %CriticalMetals.
The Ring of Fire is situated 500 kilometres (310 miles) north of Thunder Bay, Ontario and is rich in a multitude of critical and base minerals that are needed to make electronics ranging from laptop computers to solar panels.
However, the area is so isolated and remote that it has been difficult to access, especially during the cold winter months.
The provincial Government of Ontario says it is investing $62 million to rebuild segments of existing roads, as well as build new roads and infrastructure to access the mineral-rich area.
Ontario Premier Doug Ford and Canadian Prime Minister Mark Carney want to mine the region as part of the country’s response to the ongoing trade spat with the neighbouring U.S.
Several leading mining companies have also expressed interest in mining the Ring of Fire, among them %RioTinto (NYSE: $RIO), BHP (NYSE: $BHP), and %BarrickMining (NYSE: $B).
The governments in Canada say the first goal is to develop roadways and infrastructure that can handle sustained truck traffic from mining activities into and out of the Ring of Fire.
Provincial governments across Canada are passing legislation to speed-up the building of large projects, including mines, as the country looks to diversify its economy and move away from dependence on exports to the U.S.
The Ring of Fire covers 5,000 square kilometres (1,900 square miles) and is rich in chromite, nickel, %Copper, platinum, %Gold, zinc, and other minerals and metals.
However, until now, the region has been largely been untouched due to its remote northern location.
