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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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What mining, oil and gas industries can learn from Sudbury, the city that went from major polluter to thriving environment – by Nadia Mykytczuk (The Conversation – August 25, 2021)

https://theconversation.com/

Nadia Mykytczuk is the Interim CEO/President of MIRARCO, Laurentian University.

When Prime Minister Justin Trudeau met with Swedish environmental activist Greta Thunberg in Montréal two years ago, he promised to plant two billion trees by 2030 to help Canada meet its net-zero emissions goal.

Planting trees, however, is hard work. It takes money and planning. But a re-greening roadmap exists.

Sudbury, the largest city in Northern Ontario, transformed itself after decades of environmental devastation, brought on by the mining industry. Other communities and industries, like oil and gas, can replicate the city’s efforts to aid in global efforts to fight climate change.

A devastated landscape

For almost 100 years, Sudbury’s community and environment were blanketed in sulfur dioxide and metals released from the smelting of nickel ore.

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The dangers of understating the magnitude of the battery material supply/demand imbalance – by Matt Fernley (Kitco News – August 20, 2021)

https://www.kitco.com/

Matt Fernley is Head of Research, Volta Fund; MD of Battery Materials Review.

I wanted to talk about the Nature article on battery raw materials that’s been doing the rounds this week. The article, Electric Cars: The Battery Challenge (Nature, 19 August 2021), is an otherwise excellent discussion of a lot of the issues with sourcing materials for electric cars. Unfortunately there’s a big “but”. And that “but” is in its treatment of primary battery raw materials.

While the author, Davide Castelvecchi, has clearly spoken to a lot of experts on batteries, recycling and other elements of the supply chain, maybe he hasn’t known exactly which questions to ask, because we get a discussion almost entirely on ternary batteries with little to no mention of LFPs (and their ability to lower demand for Nickel, Cobalt and Manganese) and we also get only three paragraphs on the impact of extractive industries on the battery industry.

All the “analysis” on raw materials is effectively based on BNEF’s Long-Term Electric Vehicle Outlook for 2021 and the general conclusion, based on a quote from the BNEF analyst, is that “temporary shortages [of battery raw materials] and dramatic price swings… [will] work themselves out”.

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Sudbury skyline changes as the Lockerby Mine Headframe comes down – by Alana Pickrell (CTV News Northern Ontario – August 18, 2021)

https://northernontario.ctvnews.ca/

SUDBURY – It’s a change in history as the skyline in Sudbury now looks a little bit emptier. On Aug. 8, the headframe at the Lockerby Mine site was demolished as part of the province’s Abandoned Mines Rehabilitation Program.

“Ontario is committed to the rehabilitation of abandoned mine sites to ensure the protection of public health and safety, as well as the environment,” said the Ministry of Northern Development, Mines, Natural Resources and Forestry in an email to CTV News.

“The demolition and cleanup work at the Lockerby Mine site demonstrates Ontario’s continued commitment to safe and environmentally sustainable mining.”

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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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BHP to spend $7.5-billion on Saskatchewan potash mine as it quits oil – by Andrew Willis (Globe and Mail – August 18, 2021)

https://www.theglobeandmail.com/

The world’s largest mining company, BHP Group Ltd., signalled its future is focused on sustainable industries by committing $7.5-billion to a massive Saskatchewan potash project while exiting the oil and gas business.

On Tuesday, Melbourne, Australia-based BHP announced it is moving forward with the Jansen mine, mothballed for several years after more than $5-billion of development spending, and it will begin shipping potash in 2027. The project will create 3,500 construction jobs and permanent work for 600 employees.

BHP also announced it will spin out its energy business to Australia’s Woodside Petroleum Ltd., creating one of the world’s largest independent oil and gas companies. BHP shareholders will receive Woodside shares that give them a 48-per-cent stake in the energy company.

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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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Manitoba must do more to encourage mining – by Joseph Quesnel (Troy Media – August 9, 2021)

https://troymedia.com/

Joseph Quesnel is a senior research associate with the Frontier Centre for Public Policy.

The Manitoba mining industry received some good news recently, but the province still needs to reform its mining policies for the sector to thrive.

Despite some progress over the years, the province continues to have a hostile climate for investment: this needs to change.

Vale Ltd. recently announced a $150-million investment to extend nickel mining activities in Thompson by a decade. The company will also engage in some aggressive exploration drilling of known ore bodies to extend the life of the mine even further.

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Noront Resources’ board likes what BHP has to offer – by Staff (Northern Ontario Business – August 10, 2021)

https://www.northernontariobusiness.com/

Environmental groups claim Ring of Fire mine developer is hiding something, wants OSC to investigate

Ring of Fire mine developer Noront Resources is urging its shareholders to accept BHP Group’s offer to buy its nickel, copper and chromite properties in Ontario’s Far North.

BHP, one of the world’s largest mining companies, entered the picture in late July with a cash offer of $325 million, or $0.55 cents a share, to best a hostile insider takeover offer made by its Australian rival Wyloo, Noront’s biggest shareholder at 25 per cent. Wyloo is owned by Australian mining magnate Andrew Forrest.

In a mere formality, Noront said it has filed a directors’ circular recommending its shareholders accept the BHP offer. Noront’s board of directors said it represents a 129 per cent higher premium than where Noront’s shares were trading before Wyloo made its unsolicited bid at the end of May, and is 75 per cent higher than $0.315 share offer proposed by Wyloo.

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Steelworkers, Vale looking forward with new contract in hand – by Colleen Romaniuk (Sudbury Star – August 4, 2021)

https://www.thesudburystar.com/

United Steelworkers (USW) Local 6500 voted to ratify a new five-year collective bargaining agreement with Vale on Tuesday evening. The union’s president, Nick Larochelle, said that 85 per cent of its membership voted in favour of the new deal, effectively ending the 64-day strike that began on June 1.

Vale employees will return to work the week of Aug. 9 with production ramping up in the coming weeks. Larochelle said he’s proud the USW membership’s conduct throughout the strike and he’s happy this agreement works for both parties.

“We’re looking forward to making our members successful as we work with Vale to achieve economic success and longevity here in this world-class ore body,” he said.

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Vale to spend $150M to extend life of Thompson mining operation – by James Snell (Sudbury Star – August 3, 2021)

https://www.thesudburystar.com/

Vale Canada Limited has announced a $150 million infrastructure investment to extend the life of its Thompson mining operation by 10 years. The company is also carrying out aggressive exploration drilling to potentially extend the mine’s life beyond 2040.

The $150 million will cover phase one of the Thompson mine expansion, Vale said in a statement. Phase one includes infrastructure development – ventilation raises and fans, increased backfill capacity and additional power distribution that will allow the company to mine deeper and longer.

Phase one could increase production by 30 per cent. The company plans to access lower portions of its primary ore body in phase two.

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Local 6500 votes for new five-year contract with Vale – by Staff (Sudbury Star – August 3, 2021)

https://www.thesudburystar.com/

Strike that began June 1 is over

Local 6500 members have strongly endorsed a new five-year collective agreement with Vale.

“The past two months have been challenging for everyone,” said Dino Otranto, Chief Operating Officer, North Atlantic Operations for Vale, in announcing the deal has been ratified. “We are pleased that the company and the union were able to find common ground and a path forward. We look forward to welcoming everyone back.

“Our task now is to position our business to thrive today and for generations to come. We have many opportunities ahead of us, with the growing electric vehicle market. The nickel, copper and cobalt we produce are critical metals to achieving a low carbon future.

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BHP to expand nickel operations to meet soaring demand – by Cecilia Jamasmie (Mining.com – August 3, 2021)

https://www.mining.com/

BHP (ASX, LON, NYSE: BHP) will make a final investment decision on a major expansion of the processing plant at its Mt. Keith nickel mine in Western Australia as it invests further in battery metals to meet expected soaring demand.

Nickel is a key component for EVs cathodes, and the world’s no. 1 miner sees nickel demand growing faster than anticipated due to a spike in the adoption of electric vehicles (EVs), as governments commit to decarbonizing their economies and set end dates for combustion engine sales.

“We believe that over 2020 to 2030, overall nickel demand will grow at 5% compound annual growth rate, and that nickel-in-battery demand will grow at a rate of 21% CAGR,” BHP Nickel West president Eddy Haegel told the annual Diggers and Dealers conference on Tuesday.

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BHP was rebuffed twice by Noront’s biggest shareholder before making takeover bid – by Niall McGee (Globe and Mail – July 31, 2021)

https://www.theglobeandmail.com/

BHP Group Ltd. had designs on Ring of Fire exploration company Noront Resources Ltd as early as the spring, but on two occasions its plans were stymied by Wyloo Metals Ltd., Noront’s biggest stakeholder.

Melbourne-based BHP on Tuesday made a $0.55 a share takeover offer for Noront, obliterating a previous $0.315 approach by fellow Australian company Wyloo Metals.

A regulatory filing this week shows that BHP first approached Toronto-based Noront in April with a proposal to acquire a 9.9 per cent stake in the company.

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