Only if you build a complex refinery in the middle of nowhere. The Ring of Fire contains a host of minerals; nickle, copper, 'platinum group' and the big prize - chromium. Not an engineer but some can be refined in the same stream, and refineries for many already exist in Ontario - but not chromium. The plan of the proponents is to mine and process the other, more accessible minerals first as a way to fund development of the chromium deposits. As far as I am aware, there is no chromium refinery in North America and they require a lot of energy.
The pipelines (3 I think) carry gas to eastern Canada, so bleeding off any for overseas export would require additional capacity. Also, there has been talk about converting one of them to oil to get around environmental and sovereignty issues surrounding Line 5 which goes through the US. that would reduce NG capacity even further.
The main channel out of the Moose River into James Bay is measured in single digit feet and is constantly shifting. The waters of James an Hudson's bays and the islands are politically part of Nunavut.
Maybe we can get China to develop it. they like building fake islands.