Australia’s Wyloo Metals taking over Ring of Fire developer Noront Resources Ltd.

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The CANADIAN PRESS

Wyloo Metals says it will buy Canada’s Noront Resources Ltd. in a deal valuing the nickel miner at $617 million.

The announcement came one day after BHP Group backed out from a months-long race. Earlier this month, Australia-based Wyloo offered $1.10 per share for the shares of Noront it does not already own, topping BHP’s offer of 75 cents per share. BHP says it will not match the Wyloo offer, as it doesn’t see adequate long-term value for BHP shareholders to support an increased bid.

Noront’s board of directors says they have decided to back the Wyloo bid, which they call a “superior proposal.”

Noront is developing several projects in the Ring of Fire region in northern Ontario.

“This is an exciting time to be an investor in future facing metal projects. Battery and hydrogen technologies are unleashing the full potential of renewable energy and the supply of critical metals simply isn’t keeping up,” said Luca Giacovazzi, head of Wyloo Metals. “This is the greatest shift in the global economy since the industrial revolution.

“The Ring of Fire is home to expansive deposits of these metals, making this a once-in-a-generation opportunity to be part of the green revolution. Working hand-in-hand with First Nation and regional partners, we’ll develop the Ring of Fire into one of Ontario’s great mineral districts that will be pivotal in the world’s transition to a lower carbon future.”

 

 

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