Australian mining investor expects to develop ‘Canada’s next great mineral district’
Wyloo Metals’ looming acquisition of Noront Resources and its James Bay region mineral assets is being called a “significant milestone” that “paves the way” for new leadership to “responsibly develop” the Ring of Fire.
The Perth, Australia-headquartered said in a news release that it plans to enter into a binding agreement with Noront’s board and will provide Noront shareholders with more information at a special meeting in early January to vote on a plan of arrangement.
Wyloo emerged the winner of a bidding war to take control of Noront after rival BHP elected not to match Wyloo’s $1.10 per common share – $616.9 million – proposal to acquire the Toronto junior mining company and its rich nickel, copper, platinum group metals and chromite projects in Ontario’s Far North.
Wyloo first appeared on the scene in December 2020, replacing Resources Capital Fund as Noront’s biggest shareholder, taking a 37 per cent stake of Noront’s common shares and convertible debt.