Australian mining investor focused on mining, processing nickel for Ontario’s electrical vehicle manufacturers
The prospective Australian buyer for Noront Resources won’t make any immediate shifts in strategy in the Far North mineral exploration camp should it acquire the Toronto junior mining company. But it will reassess the location of a proposed ferrochrome processing plant slated for Sault Ste. Marie as part of its own independent study.
The head of Wyloo Metals, the Perth-based mining company, is making it clear that the apple of its eye is the high-grade Eagle’s Nest nickel deposit – the lead project in Noront’s mine development pipeline – not so much its chromite prospects.
“The focus is on nickel,” said Luca Giacovazzi in an interview with Northern Ontario Business. The chromite potential in the Far North mineral belt, Giacovassi said, is viewed by Wyloo as more of a “longer term opportunity.”
Privately held Wyloo, a subsidiary of Tattarang, one of Australia’s largest private investment firms, is making a stab at acquiring all of the outstanding common shares of Noront, well beyond the 23 per cent share stake it currently holds as Noront’s largest shareholder.
The company announced its intention in late May to make a $133-million all-cash bid for Toronto-based Noront, the lead mine developer in the remote James Bay region.
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