Archive | Fortescue Metals Group/Wyloo Metals

BHP and Forrest may be better together on nickel play (Australian Financial Review – July 28, 2021)

https://www.afr.com/

BHP might have trumped Andrew Forrest’s bid for a Canadian nickel miner, but there’s no reason the pair can’t form a partnership on this project.

The prospect of iron ore titans Andrew Forrest and BHP duking it out over a Canadian nickel junior is obviously delicious. But the rational move is for the old foes to get into bed together on what both clearly see as a great opportunity amid a broader rush for battery minerals.

BHP announced on Tuesday night a $C325 million ($351 million) bid for Noront, which has a highly rated nickel project called Eagle’s Nest in Ontario’s Ring of Fire region (how Game of Thrones is that?) some 1200 kilometres north of Toronto.

The Big Australian’s bid, which has the support of the Noront executive team (which owns 9.9 per cent of the company), is pitched at a 75 per cent premium to the takeover bid by Forrest’s Wyloo Metals in May. Continue Reading →

BHP strikes friendly deal to buy Ring of Fire explorer Noront for $325-million – by Niall McGee (Globe and Mail – July 28, 2021)

https://www.theglobeandmail.com/

BHP Group Ltd. has reached a friendly agreement to acquire Ring of Fire explorer Noront Resources Ltd. for $325-million, trumping an earlier unsolicited approach from Australian private equity firm Wyloo Metals Pty Ltd.

Melbourne-based BHP said it intends to pay 55 cents a share in cash for Toronto-based Noront, 69-per-cent higher than the company’s closing price on the TSX Venture Exchange on Monday. The offer is also significantly higher than the $0.315-a-share proposal made by Wyloo, currently Noront’s largest shareholder, in May.

The Ring of Fire, situated 550 kilometres northeast of Thunder Bay in the James Bay Lowlands in Ontario’s Far North, has had an almost mythical hold on the Canadian mining industry for more than a decade, but so far no company has succeeded in building any mines in the region. Continue Reading →

Australian company BHP makes takeover bid for Canada’s Noront Resources (CBC Thunder Bay – July 27, 2021)

https://www.cbc.ca/news/canada/thunder-bay/

Another Australian company is moving forward with a takeover bid for Noront Resources, with a cash offer for all outstanding and issued shares of the Canadian company.

Noront’s board of directors is recommending shareholders accept the offer from BHP, which would pay 55 cents cash for each share.

This is the second Noront takeover bid by an Australian company this year. In May, Wyloo Metals offered 31.5 cents cash for Noront shares. Continue Reading →

BHP swoops on Canadian nickel miner, trumping Forrest – by Thomas Biesheuvel (Bloomberg News – July 27, 2021)

https://www.bnnbloomberg.ca/

BHP Group agreed to buy Noront Resources Ltd. to add a nickel project in Canada, trumping a bid by Australian mining magnate Andrew Forrest, as the world’s biggest miner accelerates its push into metals poised to benefit from the green-energy transition.

BHP is increasingly gearing its portfolio toward so-called commodities of the future, as investors put greater weight on resource companies’ environmental credentials. The company is in the process of exiting thermal coal and is considering getting out of oil and gas.

At the same time, it’s putting greater emphasis on metals like copper and nickel, needed to support the green revolution. Last week it sealed a nickel supply agreement with Tesla Inc. and is expected to sanction a giant potash project later this year. Continue Reading →

News Release: Wyloo Metals confirms its intention to convert loan (July 23, 2021)

PERTH, Australia, July 23, 2021 (GLOBE NEWSWIRE) — Wyloo Metals Pty Ltd. (“Wyloo Metals”) is pleased to provide an update in relation to the US$15 million convertible loan (the “Convertible Loan”) provided to Noront Resources Ltd. (TSXV:NOT) (“Noront”).

Intention to convert loan

On December 7, 2020, Wyloo Canada Holdings Pty Ltd (“Wyloo Canada”), a wholly-owned subsidiary of Wyloo Metals, entered into an agreement with Resource Capital Fund V L.P. (“RCF”) to acquire its interests in Noront, including the Convertible Loan. The maturity date of the loan is September 30, 2021 and it is convertible into common shares of Noront at the option of Wyloo Metals at Cdn$0.20 per common share. Wyloo Canada also holds warrants (“Noront Warrants”) to acquire 1,774,664 common shares of Noront at an exercise price of Cdn$0.350 per share.

Wyloo Metals confirms that it intends to convert the Convertible Loan at or before the maturity date into common shares of Noront, rather than seek repayment from Noront in cash. Continue Reading →

Fortescue produces first-ever green iron ore – by Nickolas Zakharia (Australian Mining – July 7, 2021)

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Fortescue Metals Group has produced high-purity green iron ore and trialled ammonia-powered freight as part of its Fortescue Future Industries (FFI) renewable energy and industry initiative.

The initiative aimed to test if there was 100 per cent green energy to manufacture green iron and steel, fertiliser and cement.

According to FFI chief executive officer Julie Shuttleworth, trialling hydrogen, ammonia and battery technology was successful in powering the company’s trains, ship engines, haul trucks and drill rigs. Continue Reading →

Empowerment is the key to FMG’s joint ventures – by Sarah Smit (National Indigenous Times – June 16, 2021)

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Without the support of Fortescue Metals Group, Nygumarta businessman Ricky Osborne’s business wouldn’t be where it is today.

Mr Osborne owns Jatu Clothing and PPE with his daughters Yvonne Kelly-Osborne and Jummana Osborne. He has supplied clothing and personal protective equipment to the mining company for six of the eight years his company has been in operation.

“One of the most important things for me, and not just for our business, for Aboriginal businesses across the board, is the very strong corporate citizenry push the likes of (FMG chair) Andrew Forrest has promoted to go with Aboriginal people,” he said. “That commitment has had a very significant impact in opening up opportunities for Aboriginal businesses, particularly in WA. Continue Reading →

FMG Billion Opportunities program thriving 10 years on – by Sarah Smit (National Indigenous Times – May 19, 2021)

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Balyku woman Elsa Derschow never thought in a million years that she would own a brand new grading machine, but Fortescue Metals Group’s Billion Opportunities program has made that a reality.

Derschow runs Brindabella Resources, a plant hire business servicing FMG’s Cloudbreak mine in the Pilbara, alongside four other female Pilbara Traditional Owners.

The business was awarded a three-year contract this year, tipping Fortescue’s Indigenous procurement program, Billion Opportunities, over the $3 billion mark. Continue Reading →