‘Confusing, convoluted mess’: Ring of Fire set for speedy development under new owner, but challenges loom – by Gabriel Friedman (Financial Post – January 14, 2022)

https://financialpost.com/

Wyloo plans to build nickel mine in next five years, stoking renewed debate about reconciliation with Indigenous peoples

In the last days of December, Australia’s Wyloo Metals Ltd. offered $617 million in cash to buy Noront Resources Ltd., ending a bidding war with fellow Australian mining giant BHP Group, and emerging as the presumptive new owner of the collection of mineral claims in Ontario’s James Bay Lowlands known as the Ring of Fire.

The deal, expected to close in the next few months, leads to at least one major question: What happens next in the Ring of Fire? Cut off from the rest of Ontario, the project would require more than $1 billion of taxpayer investment in roads and infrastructure.

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Australia’s Wyloo Metals hopes to have Ring of Fire nickel mine, access road by 2026 – by Niall McGee (Globe and Mail – December 23, 2021)

https://www.theglobeandmail.com/

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.

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NEWS RELEASE: UPDATE — Noront and Wyloo Metals Enter Into Binding Agreement for Previously-Announced Acquisition of Noront for C$1.10 per Share (December 22, 2021)

  • BHP elects not to exercise its right to match; Support Agreement with BHP terminated
  • Improved Wyloo Metals offer of C$1.10 in cash per share represents a 358% premium to Noront’s unaffected closing price on May 21, 2021 and a 47% premium to BHP’s C$0.75 per share offer
  • Wyloo Metals’ offer also provides shareholders with the option of retaining some or all of their shares in Noront
  • Noront’s Board of Directors unanimously supports transaction with Wyloo Metals

TORONTO and PERTH, Australia, Dec. 22, 2021 (GLOBE NEWSWIRE) — Noront Resources Ltd. (“Noront” or the “Company”) (TSXV: NOT) and Wyloo Metals Pty Ltd (“Wyloo Metals”) are pleased to announce that they have entered into a binding arrangement agreement (the “Arrangement Agreement”), pursuant to which Wyloo Metals has agreed to acquire up to all of the outstanding common shares of the Company (each, a “Common Share”)

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It’s a Wyloo world in the Ring of Fire – by Staff (Northern Ontario Business – December 22, 2021)

https://www.northernontariobusiness.com/

Australian mining investor expects to develop ‘Canada’s next great mineral district’

Wyloo Metals’ looming acquisition of Noront Resources and its James Bay region mineral assets is being called a “significant milestone” that “paves the way” for new leadership to “responsibly develop” the Ring of Fire.

The Perth, Australia-headquartered said in a news release that it plans to enter into a binding agreement with Noront’s board and will provide Noront shareholders with more information at a special meeting in early January to vote on a plan of arrangement.

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NEWS RELEASE: WYLOO METALS TO ACQUIRE NORONT IN TRANSFORMATIONAL DEAL FOR NORTHERN ONTARIO

Wyloo Metals is pleased to announce it will enter into a binding agreement with the Board of Noront Resources Ltd. (TSXV:NOT) (“Noront”) as part of its long-term strategy to responsibly develop the Ring of Fire in Northern Ontario.

The announcement is a significant milestone and paves the way for Wyloo Metals to revitalise Noront under the leadership of a new and proven Board of Directors, led by Dr Andrew Forrest AO.

Tattarang Chair Dr Andrew Forrest AO paid tribute to the Wyloo Metals team for recognising the significance of the Ring of Fire and the vital role its deposits will play in securing Canada’s critical metal supply chain.

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NEWS RELEASE: BHP announces it will not match Wyloo’s proposal to acquire Noront

TORONTO and MELBOURNE, Australia, Dec. 21, 2021 /CNW/ – BHP Lonsdale Investments Pty Ltd (“BHP Lonsdale”), a wholly owned subsidiary of BHP, today announced that it will not increase or extend its offer for Noront Resources Ltd. (“Noront”).

BHP Chief Development Officer, Johan van Jaarsveld, said: “BHP is committed to its strict capital discipline framework. While the Eagle’s Nest deposit is a promising resource, we do not see adequate long-term value for BHP shareholders to support an increase in BHP’s offer in order to match the C$1.10 per share proposal from Wyloo Metals Pty Ltd.”

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NEWS RELEASE: Noront Reaches Agreement With Wyloo Metals to Acquire Noront for C$1.10 Per Share (December 21, 2021)

  • Noront Board of Directors unanimously determines improved Wyloo Metals Offer of C$1.10 per share to be a Superior Proposal
  • Improved Wyloo Offer of C$1.10 in cash per share represents a 358% premium to Noront’s unaffected closing price on May 21, 2021 and a 47% premium to BHP’s C$0.75 per share offer
  • BHP has five business days to match Wyloo Metals’ offer

TORONTO, Dec. 21, 2021 (GLOBE NEWSWIRE) — Noront Resources Ltd. (“Noront” or the “Company”) (TSXV: NOT) today announced it has settled an arrangement agreement (the “Arrangement Agreement”) with Wyloo Metals Pty Ltd and Wyloo Canada Holdings Pty Ltd (together, “Wyloo Metals”) under which Wyloo Metals has agreed to acquire up to all of the issued and outstanding common shares of Noront (“Common Shares”) that it does not already own, directly or indirectly, for C$1.10 per Common Share by way of a statutory plan of arrangement under the Business Corporation Act (Ontario) (the “Wyloo Offer”).

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A crash course in Doug Ford’s love-hate relationship with electric vehicles – by Fatima Syed (The Narwhal – December 15, 2021)

https://thenarwhal.ca/

After the Progressive Conservatives pulled the plug on most of Ontario’s green vehicles, a couple power players stepped in with a plan. Now the government seems to be keying in

Ontario Power Generation, the province’s largest power generator, seriously started thinking about electric vehicles only five years ago.

Back then, Heather Ferguson recalls, charging stations across the province were few and poorly maintained. As the automotive and power industry started considering electrification more and more, OPG had an opportunity to “refresh” the charging infrastructure and think about the problem “in a whole new way.”

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NEWS RELEASE: Marten Falls and Webequie Congratulate Mushkegowuk James Bay Coastal Communities on All-Season Road Commitment (December 15, 2021)

THUNDER BAY, ON, Dec. 15, 2021 /CNW/ – Marten Falls and Webequie First Nations extend their congratulations to the Mushkegowuk James Bay coastal communities and the Government of Ontario on their recent commitment to explore an all-season road to western James Bay.

Connecting isolated First Nations across northern Ontario with all-season roads will bring enormous economic opportunities, enhanced food security, lower shipping costs for bulk items, and the potential of environmentally responsible resource development and well-paying jobs for communities with high unemployment who are open to that possibility.

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NOBA 2021: Larissa Stevens of LBS Environmental Consulting is the Young Entrepreneur of the Year – by Staff (Northern Ontario Business – December 13, 2021)

https://www.northernontariobusiness.com/

A decade of experience under her belt, Stevens is currently working as community consultation coordinator for the Marten Falls Community Access Road project

Larissa Stevens considers herself a bit of a “shapeshifter.” Whether it’s her natural ease in explaining a development project in a public engagement session or relaying the thoughts and concerns of a First Nation community to a group of engineers in a boardroom setting, the Thunder Bay-based environmental scientist is considered a trusted figure.

The 36-year-old Métis owner and president of LBS Environmental Consulting has spent a decade as a specialist in environmental consulting and Indigenous community engagement. One of her supporters wrote in a nomination letter about her expertise in the field and her prowess to operate and communicate effectively in any environment.

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NEWS RELEASE: Noront Acknowledges Receipt of Proposal and Draft Transaction Documents From Wyloo Metals (December 14, 2021)

TORONTO, Dec. 14, 2021 (GLOBE NEWSWIRE) — Noront Resources Ltd. (“Noront” or the “Company”) (TSXV: NOT) announces that it has received a non-binding letter dated December 12, 2021, and related draft arrangement agreement and other ancillary transaction documents (collectively, the “Transaction Documents”), from Wyloo Metals Pty Ltd and Wyloo Canada Holdings Pty Ltd (together, “Wyloo Metals”) in respect of the Updated Wyloo Proposal (as defined below).

The Transaction Documents outline, among other things, the terms and conditions upon which Wyloo Metals would be prepared to acquire all of the common shares of Noront not already owned by Wyloo Metals for cash consideration of C1.10 per common share of the Company (the “Updated Wyloo Proposal”). The Updated Wyloo Proposal is subject to, among other things, negotiating and executing definitive Transaction Documents with Wyloo Metals.

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Time 2021 PERSON OF THE YEAR: ELON MUSK – by Molly Ball, Jeffrey Kluger and Alejandro De La Garza (Time Magazine – December 2021)

https://time.com/

The richest man in the world does not own a house and has recently been selling off his fortune. He tosses satellites into orbit and harnesses the sun; he drives a car he created that uses no gas and barely needs a driver.

With a flick of his finger, the stock market soars or swoons. An army of devotees hangs on his every utterance. He dreams of Mars as he bestrides Earth, square-jawed and indomitable. Lately, Elon Musk also likes to live-tweet his poops.

“Just dropping some friends off at the pool,” the 50-year-old zillionaire informed his 66 million Twitter followers on the evening of Nov. 29, having previously advised that at least half his tweets were “made on a porcelain throne.” After an interval—21 minutes, if you must know—an update: “Splish splash.”

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Forrest tops BHP bid in fight for Canadian nickel hopeful Noront – by James Thomson (Australian Financial Review – December 13, 2021)

https://www.afr.com/

Andrew Forrest’s private resources company Wyloo Metals has launched a third bid for Canadian nickel hopeful Noront Resources, after talks between Wyloo and rival bidder BHP failed to reach a compromise.

Wyloo has lifted its bid to $C1.10 a share, 47 per cent above the C75¢ bid BHP made in October. alks between BHP and Wyloo, which has a 37.2 per cent stake in Noront, had been running for about a month. Head of Wyloo Metals, Luca Giacovazzi, described the discussions as constructive but ultimately unsuccessful.

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NEWS RELEASE: Wyloo Metals Strongly Improves Offer for Noront (December 12, 2021)

PERTH, Australia, Dec. 12, 2021 (GLOBE NEWSWIRE) — Wyloo Metals Pty Ltd (“Wyloo Metals”) has today provided the board of Noront Resources Ltd. (TSXV: NOT) (“Noront”) with a letter outlining a further improved offer to acquire up to 100% of the shares in Noront that it does not already own for Cdn$1.10 per share (the “Revised Wyloo Offer”). This is 47% above the Cdn$0.75 per share offered under the take-over bid for Noront proposed by BHP Western Mining Resources International Pty Ltd (“BHP”).

The Revised Wyloo Offer is the only proposal to Noront shareholders that provides the following distinguishing features:

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Ontario commits to ‘explore’ permanent road to James Bay communities – by Ian Ross (Northern Ontario Business – December 8, 2021)

https://www.northernontariobusiness.com/

Mushkegowuk Council Chiefs want Indigenous-led environment assessment process to connect with provincial road network

Two provincial cabinets promised chiefs of Mushkegowuk Council that it will “explore” the idea of a permanent, all-season, road linking four remote communities on the James Bay coast to the start of the provincial road network.

That was one of the commitments that came out a Dec. 3 meeting, deemed “historic,” between Mushkegowuk leadership and the Ontario government held in Timmins.

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