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TBCC ONTARIO’S RING Jobs, Economic Activity

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THUNDER BAY, ON  ----  February 23, 2014  ---- - A new report from the Thunder Bay Chamber of Commerce and the Ontario Chamber of Allan Odette OCCCommerce reveals that Ontario’s Ring of Fire, the mineral resource-rich region in the James Bay Lowlands, will generate up to $9.4
billion in new economic activity over the first 10 years of operation and sustain 5,500 jobs annually.

The Thunder Bay Chamber of Commerce is hosting a luncheon and panel discussion on the report findings on
Wednesday, February 26. Full details and registration are available at www.tbchamber.ca/rof/

According to the study, Beneath the Surface: Uncovering the Economic Potential of Ontario’s Ring of Fire, the mining
development could generate more than $25 billion across numerous sectors in Ontario by 2047, including $2.7 billion in
revenues for the financial services sector and $1.2 billion for the wholesale and retail trade sectors.

 “Our study makes it clear that the short-and long-term economic impacts of the Ring of Fire extend far beyond mining,”
says Allan O’Dette, President and CEO of the Ontario Chamber of Commerce. “It’s time to broaden the Ring of Fire
conversation to include all of Ontario, not just the Far North.”

 “We must work to ensure that the resources in the Ring of Fire are fully utilized to create jobs and economic growth in Thunder Bay and across the Northwest,” says Charla Robinson, President of the Thunder Bay Chamber of Commerce.

“With appropriate planning and investment, this development can drive the Ontario economy for decades to come.”
The study shows that the Ring of Fire will generate significant revenue for governments, to the tune of $1.95 billion within
the first 10 years of its development. The authors call on the provincial and federal governments to design and fund a plan
to address inadequate transportation infrastructure in the Ring of Fire, which is cited as a significant barrier to the
development.

“There is a strong business case for governments to invest in this economic opportunity,” says O’Dette. “The federal
government, in particular, needs to play a more active role in this development, as it has for other transformative projects
including the oil sands, the St. Lawrence Seaway, and Churchill Falls.”

The Thunder Bay Chamber of Commerce is hosting a luncheon and panel discussion on the report findings on
Wednesday, February 26. Full details and registration are available at www.tbchamber.ca/rof/

 Additional highlights from study include:
Within the first 10 years of its development, the Ring of Fire will:

§  generate up to $9.4 billion in Gross Domestic Product (GDP)

§  generate up to $6.2 billion for Ontario’s mining industry

§  sustain up to 5,500 jobs annually (full time equivalents)

§  generate nearly $2 billion in government revenue, divided between the federal, provincial, and municipal governments.

 Within the first 32 years of its development, the Ring of Fire will generate more than $25 billion in economic activity
across numerous sectors in Ontario, of which mining is just one:

§  $2.7 billion in revenues for the financial services sector

§  $1.2 billion for the wholesale and retail trade sectors

§  $600 million for the manufacturing sector

§  $500 million for the utilities sector
                                                                                            - 30 –

Charla Robinson, President
Thunder Bay Chamber of Commerce

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