Wyloo Metals Pty Ltd., the winner of a fierce bidding war for Noront Resources Ltd., hopes to have a large nickel mine in operation in the Ring of Fire, and an access road built into the remote minerals district in northern Ontario, within five years.
Earlier this week, BHP Group Ltd. said it was not willing to improve upon Wyloo’s offer of $617-million ($1.10 a share) for Noront, ending a seven-month battle. Wyloo, a private equity firm based in Perth, Australia, that specializes in investing in large resource projects, is backed by billionaire Andrew Forrest, founder of iron ore giant Fortescue Metals Group.
The scramble for Noront was about securing long-term supplies of critical minerals such as nickel. Luca Giacovazzi, head of Wyloo Metals, said in an interview that Noront’s high-grade Eagle’s Nest project has the potential to produce large amounts of the nickel needed for electric vehicles.
“Eagle’s Nest is a high-grade nickel sulphides deposit, which are not only very scarce, but are particularly well-suited to producing Class 1 battery-grade nickel,” Mr. Giacovazzi said.
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