Western Australia’s intense interest in the exploration and mining potential of northwestern Ontario has now stretched north into the Ring of Fire.
Noront Resources, the leading mine developer in the James Bay region, landed a new “cornerstone” strategic partner in Wyloo Metals Pty., the mining division of Tattarang, one of Australia’s largest private investment groups.
They take over from Resources Capital Fund (RCF) as Noront’s biggest shareholder at nearly 38 per cent. Wyloo invests in operating mines and exploration projects in mostly nickel, copper, platinum group metals and potash in Western Australia.
This is their first investment in a North American exploration project. In a deal announced Dec. 7, Wyloo Metals is paying US$11.56 million for 22.6 per cent of Noront shares and a US$15-million convertible loan from Resource Capital Fund, plus a 1 per cent royalty that Resource Capital had on the Eagle’s Nest deposit.
Resource Capital was wrapping up their Fund Five and Noront went looking for a new partner to take over. Wyloo’s name surfaced, said Noront CEO Alan Coutts in an interview.
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