Exploration company signs development memorandum with Canadian Native American nation
Ring of Fire Metals (RoFM) has signed a memorandum of understanding (MoU) with the Webequie First Nation, outlining a framework for collaboration on proposed development in Northern Ontario's Ring of Fire.
Who
Ring of Fire Metals and the Webequie First Nation have signed a memorandum of understanding outlining how the two parties will collaborate to advance ongoing exploration activity in the region, as well as negotiations on a partnership agreement for the proposed Eagle's Nest mine.
Why it matters
The MoU represents a significant step forward in the company's long-standing relationship with Webequie, as it marks a formal transition to a new phase of collaboration on the Ring of Fire's future. It is also critical that indigenous communities play a central role in how these projects are developed on their traditional territories, especially given Canada's once-in-a-generation opportunity to develop the critical minerals required to decarbonize the world.
"The Eagle's Nest deposit is a unique property, consisting of a flat casting formed from a melt containing low levels of silicon dioxide and high levels of copper, nickel and platinum metals. As a result, Eagle's Nest is one of North America's largest undeveloped ore deposits.
It will most likely be mined in an open pit, though a transition to underground mining is possible as the pit deepens. Significant expansion of Eagle's Nest reserves on its flanks is also possible during exploration" - Expert comment by Leonid Khazanov / Consultant – Metals and technologies.
