The five-month “who will buy Noront Resources?” saga has finally reached a conclusion, with Wyloo Metals and Noront Resources signing an acquisition agreement pricing Noront at $616.9 million.
As of December 15th, the two companies had reached a standstill; after extended talks, they had not been able to reach a deal that was agreeable to both parties. On December 21st, Wyloo tabled a new offer that was 57% higher than its previous bid. Noront accepted it immediately, giving BHP five days to match. Later that day, though, BHP stepped away from the table, leaving Wyloo Metals in a winning position.
Wyloo Metals is an Australian company owned by “green energy billionaire” Andrew Forrest and his privately-held investment company Tattarang. Under the terms signed in the acquisition agreement, Forrest will chair the new board of directors. Head of Wyloo Metals Luca Giacovazzi has said: “Working hand-in-hand with First Nation and regional partners, we’ll develop the Ring of Fire into one of Ontario’s great mineral districts that will be pivotal in the world’s transition to a lower carbon future.”
If Wyloo operates anything like Noront does, we should be very suspicious of statements like these. All eyes on Wyloo as we transition into 2022!
December 15, 2021 (Toronto Star):
Pursuit of Noront heats up
“The two Australian companies eyeing control of nickel and chromite deposits in the remote Ring of Fire mineral belt have been unable to come to an agreement for the potential takeover of the Toronto-based miner that’s been driving the project for many years.
Melbourne-based mining, oil and gas giant BHP, along with its competitor, investment firm Wyloo Metals, of Perth, announced in separate news releases on Sunday that talks regarding the takeover of Noront Resources did not result in a deal agreeable to both companies.” Read more here…
December 15, 2021 (The Narwhal):
A crash course in Doug Ford’s love-hate relationship with electric vehicles
After the Progressive Conservatives pulled the plug on most of Ontario’s green vehicles, a couple power players stepped in with a plan.
“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.”” Read more here…
December 16, 2021 (Financial Post):
Canada’s hopes to become a global critical minerals powerhouse are already slipping
‘We’ve been viewed sort of as a global leader in the past’, says the president of the Mining Association of Canada. ‘We’ve lost ground, though.’
“Getting the world to net-zero emissions by 2050 will require the production of critical minerals and metals to grow sixfold over the next 30 years, the International Energy Agency declared in a report earlier this year — and it found the current pace of growth isn’t even close. As electric cars, wind turbines and solar panels explode in popularity, so too does demand for the minerals that make them go. Some are familiar, like nickel, lithium and cobalt, and others are known only to those who memorized the periodic table in high school, like tellurium, bismuth and molybdenum.” Read more here…
December 16, 2021 (The Energy Mix):
Ring of Fire development plans threaten soil carbon storage in Northern Ontario
“As Ontario plans to open carbon-dense peatland regions for mining despite opposition from several Indigenous communities, a new study makes a case for conserving the carbon stocks in Canada’s soils. The province’s actions include proposed legislative changes that would “clear hurdles” to developing part of the region for mining activity, CBC reports. “Canada has a tremendous responsibility globally in terms of stewarding and protecting that ecosystem carbon,” said James Snider, head of the science, knowledge and innovation team at World Wildlife Fund Canada, which carried out the study in partnership with McMaster University.” Read more here…
December 21, 2021 (Financial Post):
Noront Resources accepts Wyloo’s takeover offer, gives BHP five days to match
Wyloo’s new offer values the miner at $616.9 million and is 57 percent higher than its prior bid
“Canadian miner Noront Resources Ltd. said on Tuesday that it had agreed to sell itself to Australian billionaire Andrew Forrest’s Wyloo Metals, while giving BHP Group five business days to match the offer. Earlier this month, Noront’s top shareholder, Wyloo, raised its offer for the remaining shares in the company to $1.10 apiece, outbidding BHP Group by 35 cents. The new offer values the miner at $616.9 million (US$477.22 million) and is 57 per cent higher than Wyloo’s prior bid.” Read more here…
December 21, 2021 (Northern Ontario Business):
Noront board sides with Wyloo offer, for now
BHP has a week to match $1.10 per share bid
“The bidding war for Ring of Fire takeover target, Noront Resources, will rage for at least another week. The board of directors of Noront announced Dec. 21 that it’s supporting Wyloo’s recent $1.10 per common share offer to acquire the Toronto-based junior miner and its valuable minerals in the James Bay region, now valued by Wyloo at close to $617 million. Wyloo Metals’ Australian rival, BHP, has five business days from today to match Wyloo’ss offer.” Read more here…
December 21, 2021 (Globe and Mail):
Wyloo poised to acquire Ring of Fire operator Noront for $617-million, as BHP refuses to top earlier bid
Unfortunately this article is behind a paywall. If you have access to The Globe and Mail, you can read the article here.
December 21, 2021 (BNN Bloomberg):
Fight over Noront Resources appears to end as BHP bows out
“A fight for a Canadian nickel miner between BHP Group and Australian mining magnate Andrew Forrest may finally be ending. BHP said it won’t match a proposal from Forrest’s Wyloo Metals Pty Ltd. for Noront Resources Ltd., a miner with access to high-grade Canadian nickel deposits in an untapped region of northern Ontario dubbed the Ring of Fire. […] “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,” BHP Chief Development Officer Johan van Jaarsveld said in a statement.” Read more here…
December 21, 2021 (CIM Magazine):
BHP will not counter the latest offer from Wyloo for Noront
“Noront Resources announced it has agreed to Australian mining company Wyloo Metals takeover bid of $1.10 per share. BHP, who previously bid $0.75 per share, has decided not to match the offer. Wyloo and BHP had been engaged in a tug of war over Noront since July. Noront’s Eagle’s Nest project, located in the Ring of Fire in northern Ontario, has high-grade nickel, copper, platinum and palladium deposits. Last week, Wyloo increased its bid to $1.10 per share, 47 per cent higher than BHP’s previous offer from October.” Read more here…
December 21, 2021 (Toronto Star):
BHP won’t increase bid for Ring of Fire developer Noront Resources Ltd.
“Mining giant BHP says it will not increase or extend its offer for Noront Resources Ltd. BHP Lonsdale Investments Pty Ltd., a subsidiary of BHP, has been in a takeover fight for Noront with Wyloo Metals Pty Ltd. Earlier this month, Australia-based Wyloo offered $1.10 per share for the shares of Noront it does not already own, topping BHP’s offer of 75 cents per share. BHP says it will not match the Wyloo offer, as it doesn’t see adequate long-term value for BHP shareholders to support an increased bid.” Read more here…
December 21, 2021 (Canadian Mining Journal):
Noront picks Wyloo’s latest offer, BHP won’t match
Noront Resources said on Tuesday it has chosen to go with the latest bid put forward by Australian millionaire Andrew Forrest
“Noront Resources said on Tuesday it has chosen to go with the latest bid put forward by Australian billionaire Andrew Forrest’s Wyloo Metals, but has given BHP five business days to match the offer. The world’s largest miner, however, said later in the day it did not see “adequate long-term value” in raising its $0.75 a share bid to match Wyloo’s. Last week, Wyloo sweetened its offer for the shares it doesn’t already owns in the Canadian miner to $1.10 apiece, trumping BHP’s by 35 cents. Wyloo’s improved offer values Noront at $616.9 million (US$477.22 million) and is 57% higher its prior bid.” Read more here…
December 22, 2021 (Financial Post):
Wyloo to buy nickel miner Noront after BHP drops out of race
Deal values the Ring of Fire miner at $616.9 million
“Billionaire Andrew Forrest’s Wyloo Metals said on Wednesday it will buy Canada’s Noront Resources Ltd in a deal valuing the nickel miner at $616.9 million, a day after BHP Group backed out from a months-long race. BHP, the world’s largest listed miner, said on Tuesday it would not match a takeover offer by Wyloo as it did not see “adequate long-term value” in raising its $0.75 per share bid.” Read more here…
December 22, 2021 (Northern Ontario Business):
It’s a Wyloo world in the Ring of Fire
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.” Read more here…
December 23, 2021 (The Sudbury Star):
Wyloo to buy Northern Ontario miner Noront after BHP drops out of race
“Billionaire Andrew Forrest’s Wyloo Metals said on Wednesday it will buy Canada’s Noront Resources Ltd in a deal valuing the nickel miner at $616.9 million, a day after BHP Group backed out from a months-long race. BHP, the world’s largest listed miner, said on Tuesday it would not match a takeover offer by Wyloo as it did not see “adequate long-term value” in raising its $0.75 per share bid.” Read more here…
December 23, 2021 (The Globe and Mail):
Unfortunately this article is behind a paywall. If you have access to the Globe and Mail, you can read the article here.
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The five-month “who will buy Noront Resources?” saga has finally reached a conclusion, with Wyloo Metals and Noront Resources signing an acquisition agreement pricing Noront at $616.9 million.
As of December 15th, the two companies had reached a standstill; after extended talks, they had not been able to reach a deal that was agreeable to both parties. On December 21st, Wyloo tabled a new offer that was 57% higher than its previous bid. Noront accepted it immediately, giving BHP five days to match. Later that day, though, BHP stepped away from the table, leaving Wyloo Metals in a winning position.
Wyloo Metals is an Australian company owned by “green energy billionaire” Andrew Forrest and his privately-held investment company Tattarang. Under the terms signed in the acquisition agreement, Forrest will chair the new board of directors. Head of Wyloo Metals Luca Giacovazzi has said: “Working hand-in-hand with First Nation and regional partners, we’ll develop the Ring of Fire into one of Ontario’s great mineral districts that will be pivotal in the world’s transition to a lower carbon future.”
If Wyloo operates anything like Noront does, we should be very suspicious of statements like these. All eyes on Wyloo as we transition into 2022!
December 15, 2021 (Toronto Star):
Pursuit of Noront heats up
“The two Australian companies eyeing control of nickel and chromite deposits in the remote Ring of Fire mineral belt have been unable to come to an agreement for the potential takeover of the Toronto-based miner that’s been driving the project for many years.
Melbourne-based mining, oil and gas giant BHP, along with its competitor, investment firm Wyloo Metals, of Perth, announced in separate news releases on Sunday that talks regarding the takeover of Noront Resources did not result in a deal agreeable to both companies.” Read more here…
December 15, 2021 (The Narwhal):
A crash course in Doug Ford’s love-hate relationship with electric vehicles
After the Progressive Conservatives pulled the plug on most of Ontario’s green vehicles, a couple power players stepped in with a plan.
“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.”” Read more here…
December 16, 2021 (Financial Post):
Canada’s hopes to become a global critical minerals powerhouse are already slipping
‘We’ve been viewed sort of as a global leader in the past’, says the president of the Mining Association of Canada. ‘We’ve lost ground, though.’
“Getting the world to net-zero emissions by 2050 will require the production of critical minerals and metals to grow sixfold over the next 30 years, the International Energy Agency declared in a report earlier this year — and it found the current pace of growth isn’t even close. As electric cars, wind turbines and solar panels explode in popularity, so too does demand for the minerals that make them go. Some are familiar, like nickel, lithium and cobalt, and others are known only to those who memorized the periodic table in high school, like tellurium, bismuth and molybdenum.” Read more here…
December 16, 2021 (The Energy Mix):
Ring of Fire development plans threaten soil carbon storage in Northern Ontario
“As Ontario plans to open carbon-dense peatland regions for mining despite opposition from several Indigenous communities, a new study makes a case for conserving the carbon stocks in Canada’s soils. The province’s actions include proposed legislative changes that would “clear hurdles” to developing part of the region for mining activity, CBC reports. “Canada has a tremendous responsibility globally in terms of stewarding and protecting that ecosystem carbon,” said James Snider, head of the science, knowledge and innovation team at World Wildlife Fund Canada, which carried out the study in partnership with McMaster University.” Read more here…
December 21, 2021 (Financial Post):
Noront Resources accepts Wyloo’s takeover offer, gives BHP five days to match
Wyloo’s new offer values the miner at $616.9 million and is 57 percent higher than its prior bid
“Canadian miner Noront Resources Ltd. said on Tuesday that it had agreed to sell itself to Australian billionaire Andrew Forrest’s Wyloo Metals, while giving BHP Group five business days to match the offer. Earlier this month, Noront’s top shareholder, Wyloo, raised its offer for the remaining shares in the company to $1.10 apiece, outbidding BHP Group by 35 cents. The new offer values the miner at $616.9 million (US$477.22 million) and is 57 per cent higher than Wyloo’s prior bid.” Read more here…
December 21, 2021 (Northern Ontario Business):
Noront board sides with Wyloo offer, for now
BHP has a week to match $1.10 per share bid
“The bidding war for Ring of Fire takeover target, Noront Resources, will rage for at least another week. The board of directors of Noront announced Dec. 21 that it’s supporting Wyloo’s recent $1.10 per common share offer to acquire the Toronto-based junior miner and its valuable minerals in the James Bay region, now valued by Wyloo at close to $617 million. Wyloo Metals’ Australian rival, BHP, has five business days from today to match Wyloo’ss offer.” Read more here…
December 21, 2021 (Globe and Mail):
Wyloo poised to acquire Ring of Fire operator Noront for $617-million, as BHP refuses to top earlier bid
Unfortunately this article is behind a paywall. If you have access to The Globe and Mail, you can read the article here.
December 21, 2021 (BNN Bloomberg):
Fight over Noront Resources appears to end as BHP bows out
“A fight for a Canadian nickel miner between BHP Group and Australian mining magnate Andrew Forrest may finally be ending. BHP said it won’t match a proposal from Forrest’s Wyloo Metals Pty Ltd. for Noront Resources Ltd., a miner with access to high-grade Canadian nickel deposits in an untapped region of northern Ontario dubbed the Ring of Fire. […] “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,” BHP Chief Development Officer Johan van Jaarsveld said in a statement.” Read more here…
December 21, 2021 (CIM Magazine):
Noront reaches acquisition agreement with Wyloo Metals
BHP will not counter the latest offer from Wyloo for Noront
“Noront Resources announced it has agreed to Australian mining company Wyloo Metals takeover bid of $1.10 per share. BHP, who previously bid $0.75 per share, has decided not to match the offer. Wyloo and BHP had been engaged in a tug of war over Noront since July. Noront’s Eagle’s Nest project, located in the Ring of Fire in northern Ontario, has high-grade nickel, copper, platinum and palladium deposits. Last week, Wyloo increased its bid to $1.10 per share, 47 per cent higher than BHP’s previous offer from October.” Read more here…
December 21, 2021 (Toronto Star):
BHP won’t increase bid for Ring of Fire developer Noront Resources Ltd.
“Mining giant BHP says it will not increase or extend its offer for Noront Resources Ltd. BHP Lonsdale Investments Pty Ltd., a subsidiary of BHP, has been in a takeover fight for Noront with Wyloo Metals Pty Ltd. Earlier this month, Australia-based Wyloo offered $1.10 per share for the shares of Noront it does not already own, topping BHP’s offer of 75 cents per share. BHP says it will not match the Wyloo offer, as it doesn’t see adequate long-term value for BHP shareholders to support an increased bid.” Read more here…
December 21, 2021 (Canadian Mining Journal):
Noront picks Wyloo’s latest offer, BHP won’t match
Noront Resources said on Tuesday it has chosen to go with the latest bid put forward by Australian millionaire Andrew Forrest
“Noront Resources said on Tuesday it has chosen to go with the latest bid put forward by Australian billionaire Andrew Forrest’s Wyloo Metals, but has given BHP five business days to match the offer. The world’s largest miner, however, said later in the day it did not see “adequate long-term value” in raising its $0.75 a share bid to match Wyloo’s. Last week, Wyloo sweetened its offer for the shares it doesn’t already owns in the Canadian miner to $1.10 apiece, trumping BHP’s by 35 cents. Wyloo’s improved offer values Noront at $616.9 million (US$477.22 million) and is 57% higher its prior bid.” Read more here…
December 22, 2021 (Financial Post):
Wyloo to buy nickel miner Noront after BHP drops out of race
Deal values the Ring of Fire miner at $616.9 million
“Billionaire Andrew Forrest’s Wyloo Metals said on Wednesday it will buy Canada’s Noront Resources Ltd in a deal valuing the nickel miner at $616.9 million, a day after BHP Group backed out from a months-long race. BHP, the world’s largest listed miner, said on Tuesday it would not match a takeover offer by Wyloo as it did not see “adequate long-term value” in raising its $0.75 per share bid.” Read more here…
December 22, 2021 (Northern Ontario Business):
It’s a Wyloo world in the Ring of Fire
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.” Read more here…
December 23, 2021 (The Sudbury Star):
Wyloo to buy Northern Ontario miner Noront after BHP drops out of race
“Billionaire Andrew Forrest’s Wyloo Metals said on Wednesday it will buy Canada’s Noront Resources Ltd in a deal valuing the nickel miner at $616.9 million, a day after BHP Group backed out from a months-long race. BHP, the world’s largest listed miner, said on Tuesday it would not match a takeover offer by Wyloo as it did not see “adequate long-term value” in raising its $0.75 per share bid.” Read more here…
December 23, 2021 (The Globe and Mail):
Australia’s Wyloo Metals hopes to have Ring of Fire nickel mine, access road by 2026
Unfortunately this article is behind a paywall. If you have access to the Globe and Mail, you can read the article here.
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