Mining the Northwest: Is there a zinc and copper mine in Schreiber’s future? – by Staff (Northern Ontario Business – September 23, 2021)

https://www.northernontariobusiness.com/

Metallum Resources posts feasibility study showing almost nine-year mine life near Lake Superior’s north shore

A Vancouver zinc exploration company wants to revive mining on the north shore of Lake Superior, 20 kilometres north of Schreiber.

Metallum Resources said there’s enough high-grade zinc and copper in the ground at its Superior Lake Zinc Project to mine for a minimum of 8.5 years as the company probes for more resources this fall around a former mine site, 150 kilometres northeast of Thunder Bay.

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Copper deal makes Sandfire the miner of Seville – by Peter Ker (Australian Financial Review – September 23, 2021)

https://www.afr.com/

Australian miner Sandfire Resources will spend more than twice its market capitalisation to solve its growth problems, unveiling a $2.57 billion Spanish mine acquisition that investors described as “transformational” and “a game changer”.

Sandfire will take on new debt and ask investors to buy $1.2 billion of new shares to fund the $US1.86 billion ($2.57 billion) acquisition of Spain’s Minas D’Aguas Tenidas (MATSA) mine, which is located north-west of Seville.

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Mining stocks carnage as iron ore, copper prices fall – by Staff (Mining.com – September 20, 2021)

https://www.mining.com/

Iron ore extended its slump below $100 a tonne and copper prices dropped in New York on Monday as China stepped up restrictions on industrial activity and fears about the collapse of the country’s largest property developer intensified.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $92.98 a tonne, down 8.7% from Friday’s closing. Prices have collapsed about 60% since hitting a record in May, and are below three figures for the first time in more than a year.

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How Africa’s newest President plans to dig a copper powerhouse out of a mountain of debt – by David Meyer (Yahoo Finance/Fortune – September 13, 2021)

https://finance.yahoo.com/

Africa’s second-biggest copper producer, Zambia, is buckling under billions of dollars in debt, and its new President has a plan to get out from underneath it: stop borrowing so much, and mine harder.

Hakainde Hichilema was elected last month—a triumph that followed five failed attempts at the presidency, and a 2017 spell behind bars for “treason” after the tycoon failed to give way to the motorcade of now–former President Edgar Lungu.

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Feds deal another setback to Arizona copper mine by upholding jaguar habitat – by KIMBERLY SILVERIO-BAUTISTA (KTAR News – September 6, 2021)

Home

WASHINGTON – Federal regulators on Friday rejected a mining company’s request to reduce critical habitat for endangered jaguars in the Santa Rita Mountains on land that overlaps the footprint of the proposed Rosemont Copper Mine.

The decision by the U.S. Fish and Wildlife Service is the latest setback for Hudbay Minerals Inc., which has been working for more than a decade to get permission to open the mine that it says could create thousands of jobs and bring billions in economic development to the region.

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Congo reviews Chinese mine contracts after President Felix Tshisekedi pushes back against deals favouring foreign firms – by Jevans Nyabiage (South China Morning Post – August 29, 2021)

https://www.scmp.com/

The world depends on the Democratic Republic of Congo for its cobalt to electrify vehicles. But the DRC, which supplies more than 60 per cent of the world’s reserves of cobalt ore, believes it may be getting short-changed by foreign mining companies – and is investigating whether unfair foreign mining contracts were signed during the previous administration.

The Congolese government early this week formed a commission to inevestigate the reserves at the Tenke Fungurume Mining (TFM) copper and cobalt project, which is majority-owned by China Molybdenum Co.

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NEWS RELEASE: Wyloo Submits Arrangement Agreement to Noront (Source: Wyloo Metals – September 6, 2021)

PERTH, Australia, Sept. 06, 2021 (GLOBE NEWSWIRE) — Wyloo Metals Pty Ltd (“Wyloo Metals”) confirms it submitted an Arrangement Agreement to the Board of Noront Resources Ltd (TSXV:NOT) (“Noront”) for consideration on September 3, 2021. In submitting the agreement, Wyloo Metals calls upon the Noront Board to act in the best interest of shareholders and progress the formalization of Wyloo Metals’ superior proposal in line with its fiduciary obligations.

Wyloo Metals restricted on due diligence

Wyloo Metals received a revised confidentiality agreement from the Noront Board on August 31, 2021. Wyloo Metals was surprised to learn that the removal of the standstill provision required the consent of BHP Western Mining Resources International Pty Ltd. (“BHP”).

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Noront stands its ground against Wyloo over Ring of Fire assets – by Ian Ross (Northern Ontario Business – September 3, 2021)

https://www.northernontariobusiness.com/

Eagle’s Nest nickel, copper project is the prize in looming bidding war between two Australian mining heavyweights

Alan Coutts is ignoring the posturing from Wyloo Metals. The president-CEO of Noront Resources said he’s more keenly interested in receiving legitimate bids to secure the best deal for shareholders.

“It’s one thing to put out a press release, it’s another to table a formal binding offer.”

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Wyloo hikes bid for Ring of Fire explorer Noront Resources, trumps BHP offer – by Naill McGee (Globe and Mail – August 31, 2021)

https://www.theglobeandmail.com/

Wyloo Metals Pty Ltd. has bumped up its offer for Noront Resources Ltd., trumping BHP Group Ltd.’s bid, and in a highly unusual move is proposing to keep the struggling Ring of Fire exploration company as a publicly traded entity.

Since May, Toronto-based Noront has been the subject of a takeover tussle between Australian private equity firm Wyloo and BHP, the world’s biggest mining company, which is also based in Australia.

Both are extremely well funded. BHP’s market valuation is US$165-billion. Wyloo is backed by Andrew Forrest, founder and chair of Fortescue Metals Group, and one of the richest individuals in Australia.

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Wyloo Metals wants to sweep the board clean at Noront Resources – by Ian Ross (Northern Ontario Business – August 30, 2021)

https://www.northernontariobusiness.com/

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.

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NEWS RELEASE: Wyloo Proposes Offer to Participate in Noront’s Future Under New Leadership, While Offering Attractive Cash Alternative (Wyloo Metals – August 30, 2021)

PERTH, Australia, Aug. 30, 2021 (GLOBE NEWSWIRE) —

  • Wyloo Metals’ proposal will provide each Noront shareholder with the option of either accepting a superior price for their shares or participating in Noront’s growth potential by remaining as a shareholder
  • Noront shareholders have a unique opportunity to participate in Canada’s next great mineral hub led by Dr. Andrew Forrest AO, the Founder and Chairman of Fortescue Metals Group (ASX:FMG), who intends to replicate his success at Fortescue with Noront’s Ring of Fire assets
  • Consideration of Cdn$0.70 in cash per share represents a 192% premium to Noront’s unaffected closing price on May 21, 2021 and a 27% premium to BHP’s Cdn$0.55 per share take-over bid price1

Wyloo Metals Pty Ltd (“Wyloo Metals”) has today submitted a proposal (the “Acquisition Proposal”) to the Board of Noront Resources Ltd. (TSXV:NOT) (“Noront” or the “Company”) as part of a comprehensive strategy to rebuild the Company and unlock the future of the Ring of Fire. Under its Acquisition Proposal, Wyloo Metals will provide each Noront shareholder with the option of either participating in Noront’s growth potential by remaining as a holder under a new and proven leadership team, or accepting a superior price for some or all of their shares.

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BHP’s Noront bid hits impasse as Wyloo won’t budge – by Staff (Mining.com – August 19, 2021)

https://www.mining.com/

Wyloo Metals, the top shareholder of Noront Resources (TSXV: NOT), said on Thursday that it does not intend to support or tender the offer made by BHP to acquire Noront, and is considering making a “superior” offer to acquire the remaining stake in the Canadian nickel miner.

Noront is owner of the early-stage Eagle’s Nest nickel-copper deposit in northern Ontario’s Ring of Fire district. It has been billed by Wyloo as the largest high-grade nickel discovery in Canada since the Voisey’s Bay nickel find in Newfoundland and Labrador, with an initial mine life of 11 years.

In late July, BHP announced its offer to buy the Noront at a price of C$0.55 per share for a total value of C$325 million, which represented a premium of 129% based on the stock’s closing price on the day before Wyloo’s proposal two months earlier.

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NEWS RELEASE: Wyloo Metals does not support BHP’s offer to acquire Noront Resources (August 19, 2021)

PERTH, Australia, Aug. 19, 2021 (GLOBE NEWSWIRE) —

Wyloo Metals Pty Ltd (“Wyloo Metals”) provides the following update regarding its intentions in relation to the offer by BHP Western Mining Resources International Pty Ltd (“BHP”) to acquire all of the outstanding common shares of Noront Resources Ltd (TSXV:NOT) (“Noront”).

Response to BHP’s offer

Noront’s Ring of Fire land package hosts some of the most prospective mineral deposits in the world. These deposits have the potential to become Canada’s next great mineral district, supporting the production of future-facing commodities for multiple generations. Wyloo Metals continues to firmly believe in the immense potential of the Ring of Fire and therefore does not intend to support or tender its Noront shares to BHP’s offer.

Wyloo Metals was disappointed that the Noront Board did not seek to meaningfully engage or negotiate with it prior to accepting the BHP offer. Given Wyloo Metals’ cornerstone interest of approximately 37.5% (partially diluted) of Noront, the minimum mandatory tender condition for BHP’s bid is unlikely to be satisfied without Wyloo Metals’ support and a second step acquisition transaction is impossible.

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Vale unlocks the next phase of Voisey’s Bay – by David Keating (Canadian Mining Journal – August 16, 2021)

https://www.canadianminingjournal.com/

The Labrador Aboriginal Training Partnership (LATP), an agreement between
Vale and the Labrador Inuit and Innu of Nunatsiavut, Nunatukavut and Innu
Nation has been instrumental for recruiting and training Aboriginal workers
from the region. Employment numbers from these Aboriginal groups at Voisey’s
Bay is touted as being 50% of the overall workforce.

One of the largest nickel deposits in the world has been given a new lease on life. Vale’s Voisey’s Bay property in northern Labrador, operating as an open pit mine since 2005, was nearing the end of its production life.

Instead, innovations in partnerships and technology will allow Vale to go underground and develop two new orebodies that will extend the life of Voisey’s Bay to 2034.

First ore production on the new underground phase of Vale’s Voisey’s Bay project was announced on June 11, with full production capacity slated to be reached by August.

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EXCLUSIVE Peru’s finance chief says mining taxes can rise without affecting competitiveness – by Marco Aquino and Marcelo Rochabrun (Reuters – August 9, 2021)

https://www.reuters.com/

LIMA, Aug 9 (Reuters) – Peru’s finance minister, Pedro Francke, told Reuters on Monday that the new leftist government can increase mining taxes to fund public spending without affecting private-sector competitiveness, all while reducing the fiscal deficit.

Peru, the world’s No. 2 copper producer, is highly dependent on mining taxes and new President Pedro Castillo has promised to deliver more social programs to lift the country’s poor.

The election of Castillo, a member of a Marxist-Leninist party, as president in June has spooked investors, with Peru’s Sol currency falling to a fresh record low against the dollar on Monday.

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