Australian miner boosts offer to Noront shareholders as take-over battle with BHP continues
The Ring of Fire is now a hands-on project for Australian mining magnate Andrew Forrest. Wyloo Metals, a subsidiary company of Forrest’s Tattrarang private investment outfit, is promising new leadership to bring the promise of the James Bay mineral belt to reality as part of its takeover bid of Noront Resources.
In its latest pitch to Noront investors, Perth-headquartered Wyloo wants to clean house at Noront and appoint Forrest as chair of a new board of directors.
While in the early stages of a bidding war with rival BHP, Wyloo issued a new acquisition offer to Noront shareholders on Aug. 30 to acquire the Toronto junior miner’s assets in the remote mineral belt 500 kilometres north of Thunder Bay.
In its news release, Wyloo said Forrest intends to “replicate” his success with Noront’s Ring of Fire projects just as he did at Fortescue Metals in Western Australia, turning a junior mining company into a $65-billion mining giant in the process.
“After years of little progress, it’s understandable that shareholders have lost hope in Noront,” said Forrest, who vowed to overcome the infrastructure challenges in the Far North much like his company accomplished 17 years ago to open up the Pilbara region to iron ore production.