China's Baosteel solidifies its ring of Fire stake in Noront.

• Position: AROUND THE NORTH

Baosteel Resources International, one of China's largest steel producers, has finalized its investment in Ring of Fire junior miner Noront Resources.

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Proceeds from the $17.6 million investment are earmarked for Noront's exploration program of its nickel and chromite projects in Ontario's Far North.

Baosteel has a 9.9 per cent stake in the Toronto company which could increase to 14 per cent with additional proceeds to Noront of $11.7 million.

"Baosteel's investment is a vote of confidence in our strategy of balanced exploration combined with...