Ring of Fire extraction projects are being fought over by two Australia-based mining companies. The business world is focused on the production of electrical cars, solar panels, and other “green” technologies, which are gaining popularity.
The minerals in the Ring of Fire are essential to the production of electrical car batteries, and thus many companies are eager to take control of mining in the region. There are also presently some car companies that are trying to mine using less fossil fuels, which is adding an extra appeal to this region which will use nuclear and hydro energy (as opposed to the coal energy that Indonesia relies on).
September 7, 2021 (Northern Ontario Business)
Wyloo Metals makes formal bid for Noront
Australian miner formalizes proposal at 70 cents per share
“Wyloo Metals has made a formal bid to acquire Noront Resources and the company’s interests in the Ring of Fire.” Read more here . . .
September 7, 2021 (Sudbury.com)
Noront stands its ground against Wyloo over Ring of Fire assets
Eagle’s Nest nickel, copper project is the prize in looming bidding war between two Australian mining heavyweights
“Toronto-based Noront is the target of a looming bidding war between two rival Australian-headquartered mining heavyweights, Wyloo Metals and BHP, over Noront’s mineral deposits in the Ring of Fire.
The two companies are elbowing for the right to secure an advance source of supply of nickel, the raw material needed for electric batteries in the coming electric vehicle revolution.” Read more here . . .
September 10, 2021 (Northern Ontario Business)
What’s to become of Sault Ste. Marie’s ferrochrome plant? Wait for the bidding war to settle, says Noront CEO
Chromite production plans, smelter plan in limbo until new ownership takes control of Noront’s Ring of Fire metal assets
“Noront’s logistics plan involves trucking nickel concentrate down a planned 300-kilometre-long road to Nakina in northwestern Ontario and sent by rail to Sudbury for processing… The semi-finished ferrochrome material would be barged down the Great Lakes and Mississippi River to stainless steel manufacturers in the U.S.
Though respectful of the work Noront had put in, Giacovazzi couldn’t commit to a Sault-based processing plant. Wyloo would need to do its own technical studies to determine the best site, he said.” Read more here . . .
September 12, 2021 (Financial Times)
Miners race for nickel as electric car revolution looms
Western groups compete for assets to secure supplies of key battery metal
“Alan Coutts, chief executive of Noront, said the sustainability of the mine was a key factor behind the acquisition interest. The company plans to dispose of its waste “tailings” underground, rather than behind a dam on land, and also relies on hydro and nuclear power rather than coal…
Car companies are willing to pay a price premium for nickel sustainably produced outside of Indonesia, analysts say. From 2024 the EU has proposed that only batteries with carbon footprint declaration can be sold in Europe, making it difficult for them to rely on Indonesian supply.” Read more here . . .