Ring of Fire Updates Weekly News Roundup

October 27-November 2, 2021: Weekly News Roundup

The scale may be finally tipping in favour of Australian mining giant BHP’s bid to buy up Noront shares. The new bid, set at $.075/share and valued at a total of $419 million, has received no counter from Wyloo metals, who had previously put a $0.70/share bid on the table. On October 28, CEO Alan Coutts, with the support of Noront’s board, advised shareholders to tender their shares to BHP. With a November 9 midnight expiration, the offer has been touted by BHP as the ‘highest cash offer made to Noront’s board’ and one shareholders should not pass up.

Meanwhile, beyond the casino style bidding war among those who will profit the most if the ‘Ring of Fire’ mining projects one day move forward, it would seem that government and taxpayers are now responsible for paying for the immense costs of building the roads and carrying out the necessary environmental impact assessments for those projects.

In an attempt to seek greater transparency and accountability for this shift from private to government spending on roads and projects in the so-called Ring of Fire, Neskantaga First Nation and York University’s Osgoode Hall Environmental Justice and Sustainability Clinic sent a request to the Ontario Auditor General to investigate.

October 28, 2021 (Mining Weekly):

BHP urges Noront shareholders to take up offer

“Diversified major BHP has urged shareholders of Canadian junior Noront Resources to take up its offer, stating that it is the only one currently on the table and that there is no guarantee that another offer will materialise.” Read more here…

October 28, 2021 (The Sault Star):

BHP tops Wyloo in bid for Noront shares

Noront CEO Alan Coutts said in a press release that shareholders should be aware that the all-cash C$0.75 per share BHP offer is the only offer on the table and Wyloo’s previous proposal of C$0.70 has fell away with the new offer.

“Noront Resources is recommending to its shareholders to tender their shares to the C$0.75 all-cash offer from BHP Western Mining Resources International Pty Ltd.” Read more here…

October 28, 2021 (The Sudbury Star):

Tender shares to BHP, Noront Resources tells shareholders

Lacking Wyloo counteroffer, deal remains best option for Ring of Fire assets

“Noront Resources is urging its shareholders to tender their shares to BHP by Nov. 5, which would give the Australian miner control over a massive undeveloped metals project in the mineral-rich Ring of Fire.” Read more here…

October 28, 2021 (CBC):

First Nation calls on auditor general to investigate Ontario’s spending on Ring of Fire mineral development

14 years after Ring of Fire was discovered, key questions unanswered on proposed access roads

“A Treaty 9 First Nation is calling on the province’s auditor general to investigate government spending on the development of a large mineral deposit in northern Ontario.

Neskantaga and a legal clinic with York University’s Osgoode Hall have requested a “value-for-money audit” into government spending on roads and development projects in the Ring of Fire area, located about 540 kilometres northeast of Thunder Bay.” Read more here…

October 28, 2021 (CTV News):

Bidding war ends in Ring of Fire takeover

“Noront shareholders are being advised to take BHP’s new cash offer in a bid to take over the Canadian mining company that owns the rights to the Ring of Fire mineral deposit in northern Ontario after receiving no counter from rival Wyloo Metals. BHP and Wyloo are based in Australia.” Read more here…

November 1, 2021 (The Conversation):

Will debt, liability and Indigenous action see the sun set on the Ring of Fire?

“Noront Resources Ltd. — the company at the heart of Ontario’s embattled Ring of Fire mining development — is once again making headlines as the subject of competing corporate takeover bids by mining giant BHP Billiton and Australian private investment firm Wyloo Metals.

The bidding war has caused Noront’s share price to jump 235 per cent to its highest level since 2011.

Alongside share prices, Indigenous opposition has also ratcheted up, raising significant questions about the viability of the proposed mining operations and the value of Noront’s assets.” Read more here…

%d bloggers like this: