As 2019 comes to a close, this was a slow news week.
One of Noront’s major sources of debt-based capital, Resource Capital Fund, announced this week that it would be extending its loan to Noront for about another two years. We didn’t include this as a news article in the roundup because it’s written in pretty technical language, but if you’re tracking the state of Noront’s finances these required announcements can be pretty telling; obviously RCF feels like this loan is worth extending even though Noront is nowhere near paying it back, but we’re not sure why. You can always find financial announcements from the company on Noront’s website.
In other news, the Mayor of Sault Ste. Marie was featured in an article attempting to reassure people in the Soo that Noront’s proposed ferrochrome smelter will not be built if the environmental assessment finds that it will be harmful. This public statement came after yet another First Nation in the region issued a statement opposing the smelter.
December 28, 2019 (Sault Star):
City waits for smelter study: Mayor
“City of Sault Ste. Marie will wait for an environmental study before deciding whether or not to back Noront’s ferrochrome smelter in Sault Ste. Marie. Batchewana First Nation, in a release dated Dec. 20, announced its opposition to the proposed site citing concerns for the well-being of area residents and the environment. The municipality wants Noront to demonstrate its smelter “will not have an adverse effect” on the health of people or the environment, said Mayor Christian Provenzano in a statement. “There is a multi-year assessment and engagement process that has not started,” he said. “If the project is not supported by the community-at-large or our Indigenous partners at the end of the process, the project will not proceed.” Read more here…