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The McFaulds Lake project or “Ring of Fire” refers to one of the most promising development opportunities in Northern Ontario in perhaps a century.
Located in Ontario’s Far North, the Ring of Fire contains many globally significant deposits of chromite (a key ingredient in stainless steel) as well as numerous deposits of nickel, copper and platinum.
The development opportunities provided by the Ring of Fire have the potential to become a significant economic development driver for Northern Ontario, supporting regional and community infrastructure development, and value added manufacturing. These opportunities would also provide significant economic development for a number of First Nation communities. This is a historic opportunity to think strategically and plan for economic development in an environmentally sustainable manner.
The Ontario government has released a strategic 25-year plan for Northern Ontario that guides decision-making and investment planning. The Growth Plan will help attract people and investments to the region, support training, education and employment opportunities, create a highly qualified workforce and position the northern economy to compete on a global scale.
Mining Land Tax (MLT) commenced in Ontario in 1907. Lands are liable to MLT for one of 3 reasons:
The majority of the approximately 18,000 lands on the Ministry tax roll fall under the first category.
Please note that you can own mining rights and not have to pay Mining Land Tax.
The tax rate is a flat $4.00 per hectare.
For more information about this tax and how you may be eligible for exemption from the tax visit:
The Northern Ontario Heritage Fund Corporation (NOHFC), established in 1988, is an agency of the Ministry of Northern Development and Mines mandated to promote and stimulate economic development in Northern Ontario. The Corporation has seven funding programs which provide financial assistance to projects, big and small, that support and diversify economic growth and job creation in the North.
For information about our programs and on how to apply, please visit our programs page.