From left, clockwise: Mining claims in the Ring of Fire; Noront’s Esker camp; Snowmobile training for Noront staff. CREDIT: NORONT RESOURCES
about its support for the road. In addition to completion of the EA process, financing the Eagle mine will be required as road construction progresses. Much can happen over that five-year period, of course, but Coutts remains bullish. “We’re working well with local First Nations and with Greg Rickford, Minister of Energy, Mines, Northern Development and Indigenous Affairs. So we think everything is lined up very nicely and hope to see that EA advancing early this year.” Investors will be happy to hear that, especially those who heard Coutts warn earlier the entire project could be halted if financing dried up. A critical question for investors now will be how delays have impacted or may impact long term valuation and cap costs at Eagles’ Nest. “I can’t really say they have changed, because we haven’t done a lot of work in that area,” Coutts said. “Once the road permitting is established and construction starts to move ahead we will update our feasibility on Eagle’s Nest.” Coutts noted, for example, the price of nickel may be lower now than it was in 2012, but the price of palladium is double the price it was. How that updated feasibility study turns out “might give us a different view,” he concluded. CMJ FEBRUARY/MARCH 2019
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2019-02-14 4:36 PM