The sparsely populated, but mineral-rich, Ring of Fire zone in northwestern Ontario will be getting high-speed internet at a cost of $67.1 million to taxpayers.

Funding for the project, which involves the installation of 880 kilometres of new fibre-optic cable, is being announced Friday in Thunder Bay by the federal and provincial governments in hopes of spurring the mining of an estimated $60 billion in chromite, gold and other deposits in the region.

“In today’s economy, high-speed internet is no longer a luxury; it is essential,” said Navdeep Bains, federal minister of innovation, science and economic development.

Up to $37.1 million has been earmarked by the federal government and $30 million by Queen’s Park. The contractor is Rapid Lynx Telecommunications.

The investment follows Ontario’s decision in August to move ahead with an all-season road into the proposed Noront Resources mining project in the Ring of Fire zone after years of delays and negotiations with First Nations.

That road is expected to provide a much-needed economic boost to the area about 575 kilometres northeast of Thunder Bay and connect remote communities to other highways.

Federal officials said the high-speed internet will serve 610 households at five remote First Nations communities, including Fort Hope and Webequie, along with 36 businesses and institutions.

That averages out to almost $104,000 per location.