Menu

Noront

XYogQSkSYZ8-scaled-1

Noront Eyes $258M Takeover Bid

, , , , , , ,

Noront Resources is recommending shareholders accept an offer of $258-million in cash from Australian mining giant BHP Group.

A statement from Noront CEO Alan Coutts says the transaction with BHP is significantly better than an offer from another Australian company earlier this year.

Wyloo Minerals, Noront’s biggest shareholder, offered $144-million in late May.

Noront has ownership or controlling interest in all of the major discoveries in the Ring of Fire mineral belt in the James Bay Lowlands.

Coutts believes it would be a good move for its Eagle’s Nest Deposit nickel, copper, and platinum project and the Ring of Fire.

“BHP has the financial strength, world-class mining expertise, and commitment to work in partnership with stakeholders to advance Eagle’s Nest and the Ring of Fire, which has the potential to deliver benefits to local communities, First Nations, and Ontario for years to come,” Coutts adds.

Shareholders will have 105 days to decide once BHP officially submits its bid to them.

Greg-Rickford-2019-1

New Provincial Approach To Ring Of Fire

, , ,

The province is ending the Ring of Fire agreement it had with Matawa First Nations, and will start new agreements with individual First Nations.

Minister Greg Rickford made the announcement this morning in Sault Ste. Marie and says the government will work directly with willing First Nation partners on the major mining project.

In a statement to our newsroom, Rickford says, “First Nation communities deserve better, they deserve an approach that can recognize their unique needs.”

He goes on to say, “We’re inspired by First Nation leadership who are making a positive difference in the lives of those in communities near Ring of Fire developments. By working toward bilateral agreements with First Nation partners on Ring of Fire development, the Province will also help address unique community needs and opportunities when it comes to developing the Ring of Fire.”

Both Noront Resources and Marten Falls First Nation appear to be on board with the provincial government’s new approach to developing the Ring of Fire.

The Indigenous community and mining company released a joint statement saying, “We are encouraged by the Ontario government’s support and commitment to developing the Ring of Fire, on an expedited basis.”

Noront and Marten Falls say they will continue to engage the additional First Nations communities that are committed to developing the Ring of Fire and its associated infrastructure.

NDP leader Andrea Horwath is in Thunder Bay this week to hold a caucus meeting and was told about the government’s announcement this morning.

She says the PC government ripping up the agreement with Matawa-member First Nations drags the Ring of Fire project backwards.

Former Liberal Minister of Northern Development and Mines Michael Gravelle tells us he looks forward to seeing if the new approach will work.

He says the cancellation of the former agreement causes him some concern but he approaches the Minister and hopes the new agreement will be able to move things forward.