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Wyloo Metals Pty Ltd. has renamed Noront Resources Ltd., the junior Canadian exploration company it recently acquired, to Ring of Fire Metals, as the Australian resource heavyweight moves forward in its attempt to build what could be a cornerstone mine for Ontario’s nascent electric-vehicle industry.
Perth-based private equity firm Wyloo acquired Noront this year for $617-million after winning a fierce bidding war against fellow Australia miner BHP Group Ltd. Wyloo chief executive Luca Giacovazzi said in a release that it settled on the Ring of Fire name to recognize both the minerals district in which the nickel project is located, and to pay homage to Noront’s Canadian roots.
“We highly value the rich history associated with the Ring of Fire region, the importance of the region to Canada’s critical minerals future, and all that Noront Resources had achieved,” he said.
Located in the swampy James Bay Lowlands, 550 kilometres northeast of Thunder Bay, Noront christened the region the “Ring of Fire” because the geographic outline of the mineral deposits resemble a ring, and an employee had an affinity for the Johnny Cash song of the same name.
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