Noront Resources — an Ontario-based junior mining company — has agreed to buy additional mining claims in the Ring of Fire area.

The company has agreed to pay 20 million dollars U-S for chromite mining claims owned indirectly by Cleveland-based Cliffs Natural Resources, which has pulled out of the area.

After the deal closes, Noront will have about 360 mining claims covering 80-thousand hectares or 65 per cent of the Ring of Fire.

The area northeast of Thunder Bay holds one of the world’s richest chromite deposits as well as nickel, copper and platinum.