Wyloo Metals makes take-over bid for Noront Resources
Noront Resources largest shareholder, Australia’s Wyloo Metals, intends to make a bid to acquire the Ring of Fire mine developer.
Perth, Australia-headquartered Wyloo Metals announced May 25 that it intends to make an offer to acquire all of the outstanding common shares in Noront that it does not currently own in a proposed $133-million deal.
Privately-held Wyloo made its initial buy-in last December, through a subsidiary company, Wyloo Canada Holdings, taking a 23 per cent stake of Noront’s common shares.
Wyloo is owned by Australian mining and green energy billionaire Andrew Forrest and his privately-held investment company Tattarang. Wyloo succeeded Resources Capital Fund as Noront’s biggest shareholder.
The Australian company invests in mines and exploration projects mostly in nickel, copper, platinum group metals and potash in Western Australia. This was their first investment in a North American exploration project. Wyloo has a keen interest in projects related to battery-related metal commodities.
The Ring of Fire is a multi-commodity, greenfield mineral belt in the remote James Bay region in Northern Ontario, characterized by its world-class discoveries of high-grade nickel, chromite and a slew of other commodities that could last for decades.
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