AUSTRALIAN MINERS IN CANADA

Canadian nickel miner still wants BHP takeover, shunning Forrest

BNN/BLOOMBERG
Aug 20, 2021

A small Canadian nickel miner reiterated support for takeover by BHP Group after its largest shareholder, Australian mining magnate Andrew Forrest, tried snubbing the deal.

Noront Resources Ltd. said Friday in a statement that its board continues to recommend that shareholders accept BHP’s cash offer that values the company at CUS$325 million (US$254 million), a day after Forrest’s Wyloo Metals Pty Ltd. said it wouldn’t sell its shares to the world’s largest miner. Wyloo Metals, which owns about 25 per cent of Noront and holds a convertible loan that could lift its control to 37 per cent, said it would consider making a superior offer.

The wrangle over the Toronto-based minerals explorer highlights a race among mining heavyweights to control supplies of raw materials that are key to a clean energy future. Noront has been developing one of Canada’s largest potential mineral reserves, in a largely untapped northern Ontario region dubbed the Ring of Fire. The high-grade nickel deposit also has chromite, copper and zinc. Nickel is one of the key metals used in batteries for electric vehicles.

Noront, whose main asset is the Eagle’s Nest nickel-and-copper deposit in the Ontario region, said success of BHP’s offer doesn’t require Wyloo’s support, according to the statement. Noront shares fell 4.8 per cent to 50 Canadian cents at 10:56 a.m. trading in Toronto, below BHP’s 55-cent-a-share offer made July 27.

Noront still sides with BHP's deal to acquire Ring of Fire deposits

Mine developer calls Wyloo statements "misleading" to shareholders, BHP offer provides better value

a day ago By: Northern Ontario Business Staff

Noront Resources' Esker Camp in the James Bay lowlands

Ring of Fire mine developer Noront Resources remains firm on favouring a $325-million deal by international miner BHP to buy their nickel, copper, palladium assets in the Far North.

Noront, the subject of an inside takeover attempt by its largest shareholder, Wyloo Metals, fired back at the Australian mining company for several "misleading statements" made this week stemming from a new bid by BHP to acquire them.

In late July, BHP Lonsdale, made an offer to acquire Noront for $325 million, at $0.55 cents a share, beating out Wyloo's announced offer from May of $133 million, at $0.315 per share.

Noront claims Wyloo hasn't made a formal offer to acquire them, only announced an intention to do so.

Wyloo is Noront's biggest shareholder at 24 per cent and said it intends to increase that to 37 per cent shortly by converting a loan into common shares of Noront.

BHP, through a subsidiary company, owns 3.7 per cent of Noront.

In an Aug. 20 news release, Noront reiterated an earlier recommendation by its board of directors that Noront shareholders to accept the BHP offer, deeming it "fair, from a financial point of view" and to "tender their Noront shares as soon as possible."

Noront's highly-prized claims in the remote James Bay region includes the high-grade Eagle’s Nest nickel, copper, platinum and palladium deposit and a string of high-grade chromite deposits in the Far North mineral belt called the Ring of Fire, 500 kilometres northeast of Thunder Bay.

This week, Wyloo made the claim that that Noront has denied them access to due diligence information in order to made a better offer to shareholders than BHP's.

Noront responded that on transactions of this nature, it's customary for interested parties to enter into a confidentiality agreement before Noront provides any due diligence information. 

BHP has agreed to this, Noront said, but Wyloo "declined to do so."

Contrary to Wyloo's assertions, Noront further said Wyloo's support is "not required" for this transaction for BHP's offer "to be successful."

"The minimum tender condition for the offer is that more than 50 per cent of the shares not owned by BHP be tendered to the (BHP) offer, and this condition can be satisfied regardless of whether Wyloo tenders its Noront shares to the offer."

Wyloo Metals not a huge fan of BHP muscling its way into the Ring of Fire

Australian mining investor insists it's not giving up its grip to mineral riches in the Far North

2 d By: Northern Ontario Business Staff

Noront Resource's exploration camp in the Ring of Fire (Noront photo)

An Australian slug fest appears to be shaping up in a contest to acquire Noront Resources and some of the choice, almost mining-ready, nickel and chromite deposits in the Ring of Fire.

Wyloo Metals said in an Aug. 19 news release it's not backing down from a rival bid by BHP to acquire Toronto-based junior miner Noront, insisting it has no intention of relinquishing its majority position to maintain control of Canada's next great mining camp in the James Bay region.

Perth-headquartered Wyloo finally broke its month-long silence after Melbourne-based BHP, one of the world's largest mining companies, jumped into the fray in July with a cash offer of $325 million, at $0.55 cents a share, to Noront investors, besting Wyloo's overture to Noront last May of $133 million, at $0.315 per share.

Viewing Wyloo's move as a hostile takeover, Noront's board of directors recently recommended shareholders accept the BHP offer.

In the release, Wyloo said its "disappointed" Noront's board chose not to "meaningfully engage or negotiate" prior to accepting BHP's offer.

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Privately-held Wyloo came aboard as Noront's largest shareholder last December, picking up the 23 per cent stake vacated by Resources Capital Fund. By late May, Wyloo boldly elected to acquire all of the outstanding common shares of Noront before BHP entered the scene in late July.

BHP's offer came through BHP Lonsdale, a BHP subsidiary company and owner of 3.7 per cent of Noront shares.

Wyloo is a Perth-based subsidiary of Australian mining magnate Andrew Forrest's Tattarang. The company said it intends to increase its stake in Noront from 24 pe cent to 37 per cent by converting a US$15-million convertible loan into common shares of Noront.

In the release, Wyloo said BHP's bid is unlikely to succeed given the "minimum mandatory tender condition...is unlikely to be satisfied" without Wyloo's support as a cornerstone investor in Noront.

Wyloo further claims it's being stonewalled by Noront from being able to upgrade its offer to Noront's shareholders. The company said it's prepared to make a "superior offer" if only it were allowed to access the books.

"Despite numerous attempts to date, the Noront board has denied Wyloo Metals from obtaining access to due diligence on reasonable terms for a shareholder with a cornerstone position.

"Unfortunately, the total value of any superior offer contemplated by Wyloo Metals must accommodate the Cdn$13 million break fee payable to BHP, which was agreed to by the Noront Board to the direct detriment of Noront’s shareholders."

Wyloo said Noront's land package "hosts some of the most prospective mineral deposits in the world" with the potential for become "Canada’s next great mineral district, supporting the production of future-facing commodities for multiple generations."

"Wyloo Metals continues to firmly believe in the immense potential of the Ring of Fire and therefore does not intend to support or tender its Noront shares to BHP's offer."

Forrest declares nickel war on BHP

Brad Thompson Reporter
Updated Aug 20, 2021 – 

Andrew Forrest has declared his intention to battle BHP for nickel assets and is casting a big shadow over what could emerge as a bidding war for Western Areas that has implications for BHP’s ambitions in battery metals.

Forrest-owned Wyloo Metals said it opposed BHP’s takeover bid for Noront Resources in Canada and is willing become involved in a bidding war for the promising nickel producer.

And a day after IGO Limited confirmed it was in takeover talks with Western Areas, it was revealed Forrest-owned Wyloo Metals has accumulated a 5.28 per cent stake in Western Areas

.
Andrew Forrest is set to have a say on nickel consolidation in WA. Rebecca Mansell

The stake, together with others in West Australian-based nickel players, means the iron ore billionaire will at least have a big say in any predicted consolidation in the sector.

The move makes the nickel-rich area of WA the second front on which Dr Forrest and BHP’s growing interests in the key battery metal may potentially clash. They are now in open warfare in Canada over Noront and control of projects in the mineral-rich Ring of Fire region in the James Bay Lowlands of Northern Ontario.

Breaking its silence on BHP trumping its bid for Noront with a $C325 million offer last month, Wyloo said it was willing to fight BHP for control.

“Noront’s Ring of Fire land package hosts some of the most prospective mineral deposits in the world,” Wyloo said.

“These deposits have the potential to become Canada’s next great mineral district, supporting the production of future-facing commodities for multiple generations.

“Wyloo Metals continues to firmly believe in the immense potential of the Ring of Fire and therefore does not intend to support or tender its Noront shares to BHP’s offer.“

Wyloo said it was disappointed that the Noront board did not seek to meaningfully engage or negotiate with it before accepting the BHP offer.

The Forrest entity camp said its cornerstone interest of in Noront amounted to 37.5 per cent on a partially diluted basis and BHP’s bid was unlikely to succeed without its support.

Wyloo claimed the Noront board was standing in the way of it making a superior takeover offer.

“Wyloo Metals would consider proposing a superior offer to acquire the outstanding common shares of Noront it does not already own, should it be provided with access to due diligence,” it said.

“Despite numerous attempts to date, the Noront board has denied Wyloo Metals from obtaining access to due diligence on reasonable terms for a shareholder with a cornerstone position.“

Wyloo said it was “unfortunate” that the total value of any superior offer it was contemplating would need to accommodate a $C13 million break fee payable to BHP, which “was agreed to by the Noront board to the direct detriment of Noront’s shareholders”.

Closer to his home in WA, Dr Forrest’s moves could also prompt a response from BHP given its relies on Western Areas, IGO and other smaller companies for a portion of the nickel it will need to supply Elon Musk’s Tesla and other car and battery-making customers through BHP Nickel West.

Wyloo, owned by Dr Forrest’s private investment company, Tattarang, has a 15 per cent stake in Mincor Resources, which is gearing up to produce 15,000 tonnes of nickel a year and supply BHP Nickel West.

Wyloo also owns shares in Panoramic Resources, a nickel player preparing to restart its Savannah operation in WA’s remote east Kimberley.

Run by Tattarang young gun Luca Giacovazzi, Wyloo has been accumulating shares in Western Areas since March, reaching the 5.23 per cent mark on Thursday as IGO and Western Areas confirmed takeover talks after being flushed out by an exclusive report in The Australian Financial Review’s Street Talk column.

RELATED
BHP beats Forrest in takeover battle for prized nickel project

Analysts have said IGO, looking to shore up nickel production as its Nova mine comes to the end of its life, will need to fork out more than $1 billion to secure Western Areas.

Wyloo was a step ahead of BHP in Canada, where it took a substantial share in Noront and then launched a takeover bid. BHP reacted by trumping the Wyloo offer for Noront and its highly rated Eagle’s Nest nickel project.

The Western Areas share price has jumped from $2.47 on Wednesday to $2.95 in trading on Friday.
Brad Thompson writes across business and politics from Western Australia for The Australian Financial Review. Brad is based in our Perth bureau. Connect with Brad on Twitter. Email Brad at bradthompson@afr.com

ONTARIO

Noront receives official Wyloo offer, trumping BHP bid

The success of either bid will put high-profile Ring of Fire nickel asset in Australian hands.

Canadian Mining Journal Staff | September 7, 2021 

Noront Resources’ Esker camp in Ontario’s Ring of Fire. Credit: Noront Resources

Noront Resources (TSXV: NOT) has finally received a formal offer from Wyloo Resources – more than three months after Wyloo first floated a proposal to acquire the Ring of Fire junior in late May.


The C$0.70 per share offer trumps BHP’s (NYSE: BHP; LSE: BHP; ASX: BHP) friendly C$0.55 per share bid for Noront, made in late July.

It’s also more than double what Wyloo first proposed in May — C$0.315 per share.

The success of either bid will put high-profile Ring of Fire nickel asset in Australian hands.

Wyloo, a private company controlled by Australian billionaire Andrew Forrest, submitted the offer to Noront’s board on Friday, Sept. 3, after Noront invited it on Aug. 31 to make its proposal official. Wyloo says it wants to develop a “Future Metals” hub in Ontario, building on Noront’s Eagle’s Nest project, a high-grade nickel-copper-PGE deposit in the remote Ring of Fire region.

But even though it has now formally submitted its offer, the Perth-based company has continued to lob criticisms at Noront’s board. In its most recent statement, it implied that Noront’s directors and officers have continued to support BHP’s bid because under a lockup agreement signed with the giant Australia-based miner, they gain earlier access to certain options or share awards – a benefit with a gross monetary value of C$10 billion ($7.9bn) at BHP’s offer price. In addition, Wyloo doesn’t like the terms of a confidentiality agreement it has now entered into in order to conduct due diligence.

According to Noront’s July 27 support agreement with BHP, the junior can only provide confidential information to another party only if it signs a confidentiality agreement and agrees to a standstill provision. In the interest of Noront shareholders, the company says that BHP has agreed to waive the standstill requirement.

However, Wyloo says the confidentiality agreement still restricts its ability to communicate directly with shareholders.

For its part, Noront says the agreement and the terms of its support agreement with BHP are standard.

“Wyloo’s assertions that, among other things, the exercise of options and share awards by Noront officers and directors is unusual is simply incorrect,” the company said. “The acceleration provisions provided in the support agreement for the options and share awards are also customary for a transaction of this nature and are fully disclosed in the support agreement and other public filings relating to the proposed transaction with BHP.”

The lock-up agreements between BHP and Noront’s officers and directors will automatically terminate if Noront ends its support for the BHP bid in response to a higher offer.

Noront also confirmed it has no undisclosed agreements, understandings or incentives for its directors or officers in connection with the BHP offer.

Notably, while Wyloo is Noront’s biggest shareholder, the junior’s board did not support its proposal and adopted a poison pill provision to block it.

In its release on Aug. 30, Wyloo said it only made the initial offer because of Noront’s intention to strike a deal with BHP that it says undervalued the Ring of Fire assets.

“In April this year, we were deeply concerned when the Noront board proposed to farm out Noront’s exploration projects to BHP for only C$25 million,” said Luca Giacovazzi, head of Wyloo Metals. “Rather than consenting to such a transaction, we decided to make an offer to acquire the company. Our fears were justified when the Noront board completed a deeply discounted 5% placement to BHP, giving away a strategic toehold in the company to an obvious suitor.”

Giacovazzi added: “Since our initial proposal, we have listened to the feedback from shareholders who, like us, believe in the future of the Ring of Fire. We believe Noront shareholders deserve the chance to decide whether to join us in rebuilding the company, and not be pressured into selling all of their shares unless they want to.”

Noront has said that it sought a bid from BHP in its search for a superior offer to Wyloo’s initial proposal in May.

Wyloo, which now owns a 24.4% stake in Noront, asserts that given its holding and the superiority of its new offer to BHP’s bid, its proposal has a better chance of success. (The company can increase its interest to 37.2% by converting a $15 million convertible loan into common shares before the Sept. 30, 2021 maturity date.) However, the BHP bid only requires 50% of the shares not already owned by BHP to be tendered.
Details of the proposal

Wyloo says it will give shareholders the choice between retaining some or all of their shares in a revamped Noront, with a board of directors headed by Andrew Forrest, or taking the cash offer.

Other board members would include former Sherritt International CEO Ian Delaney; chairman and CEO of Queen’s Road Capital Investment Warren Gilman; and current Noront director Giacovazzi.

In a direct appeal to shareholders, Forrest pledged that Noront would make more progress under his leadership.

“After years of little progress, it’s understandable that shareholders have lost hope in Noront,” Forrest said in a statement. “I’ve personally been in the same position before. Seventeen years ago, people told me Fortescue’s deposits would never be mined because there was no infrastructure to access our projects. We proved those critics totally wrong and we want to do the same in the Ring of Fire. If shareholders share my view, that it’s impossible to place a value today on a new mining district with the immense potential of these assets, I invite them to hold on to their shares and come along for the ride.”

The company adds that it is also committed to creating business opportunities for First Nations communities, pointing to the success of its Billion Opportunities program created in 2011.

(This article first appeared in the Canadian Mining Journal)

Wyloo Metals CEO gives update on Ring of Fire mining projects, though First Nations resistance continues

Some First Nations still opposed to development as need for critical minerals grows

Kristan Straub, CEO of Wyloo metals, says mining can be done in a sustainable way within the Ring of Fire.(Marc Doucette/CBC)

January 23, 2024

CBC Indigenous: As the demand for critical minerals grows, the CEO of the main company involved in northern Ontario’s Ring of Fire says it’s developing a nickel deposit that could be producing minerals for two decades.

Wyloo Metals CEO Kristan Straub gave the update Tuesday in a speech to business leaders in Thunder Bay, where he outlined the company’s plans for the Ring of Fire and discussed how his company is engaging with First Nations in the region now and into the future.

“[Eagle’s Nest] is Canada’s best opportunity for a new nickel sulphide deposit,” Straub said.

Straub was speaking about Wyloo’s Eagles Nest site, approximately 500 kilometers northeast of Thunder Bay. Of all the company’s mining hopes in northern Ontario’s Ring of Fire mineral deposit, he said this site is where it is choosing to develop first. It’s the most promising discovery and the mining project closest to production in the region.

Eagle’s Nest would produce 15,000 tons of nickel annually for an expected 20 years, said Straub.

Wyloo metals, (formerly known as Ring of Fire Metals and Noront Resources) is an Australian-based mining giant ultimately controlled by billionaire Andrew Forrest. The company holds the majority of established mining claims in the region, which it says contains minerals worth around $90 billion.
Thousands protest mining exploration on Indigenous land in Ontario

WATCH | Protest against mineral development draws thousands to Queen’s Park: 4 months ago – Duration 2:01

Thousands of Indigenous people people gathered at the Ontario Legislature to demand a face-to-face meeting with Premier Doug Ford. They say the province has allowed thousands of mining applications without their knowledge or consent.

Click on the following link to view the video:

https://www.cbc.ca/news/canada/thunder-bay/wyloo-metals-ceo-update-1.7092369

The province considers nine First Nations to be within the Ring of Fire– and Wyloo has promises for them. Straub said the company is aiming for a workforce composed of at least 50 per cent Indigenous employees, and plans to award millions of dollars of contracts to local, Indigenous-owned businesses willing to collaborate.

Two of those First Nations — Webequie and Marten Falls — have signed memorandums of understanding with Wyloo, and they are both leading an environmental assessment on a proposed road to the Ring of Fire, Straub said. Ontario approves environmental assessment terms of reference for 3rd and final road to Ring of Fire
Consultations continue as 2 First Nations work toward road to Ring of Fire in northern Ontario

The Northern Road Link project would connect two other proposed roads: one is an access road that will connect the community with the provincial highway system to the south. The second project is the so-called “Northern Road Link” that would lead to a proposed Ring of Fire mining site known as Eagle’s Nest.

The Northern Road Link is being touted as a critical lifeline. For prospectors, it would provide a pathway to minerals needed to build the electric vehicle batteries that are hoped to fuel Canada’s green economy.

For Webequie and Marten Falls, it’s hoped to bring wide-scale economic development and better access to goods and services.

“Webequie and Marten Falls are definitely the two closest First Nations in a nearby framework, and those are the two that we continue to work with,” said Straub. “The First Nations that are in the region around, we’ll look to build the support and the collaboration with them. Ultimately that’s their decision whether they partner in or not.”

While other First Nations say they respect Webequie and Marten Falls’ position, many aren’t willing to go along with development just yet.
Resistance from some First Nations in northwestern Ontario

There’s been pushback surrounding mining in the Ring of Fire and how consultations with Indigenous communities are handled, with recent rallies led by members of the First Nations Land Defence Alliance at Queen’s Park.

Last summer, 10 First Nations from Treaty 9 filed a lawsuit against Ontario and the federal government to fundamentally change the way resources and land management decisions are made in the region. That case is early on in the court process.

The Ojibways of Onigaming are the latest nation to join the Land Defence Alliance. Elected Chief Jeff Copenace said they signed on for strength in numbers he hopes will protect their lands and waters.

“We’re not going to stand by idly and let you destroy our lakes as our young people are dying,” said Copenace. “If you’re not going to help save our lives… then you can’t have access to land and waters.”

https://www.cbc.ca/news/canada/thunder-bay/wyloo-metals-ceo-update-1.7092369

Like many northern Ontario First Nations, Onigaming has declared a state of emergency as youth suffer from mental health issues, addiction and suicide. Copenace said he can remember at least 32 community members who have died over just the past 2.5 years– which is felt heavily by the reserve of 490. Inside the battle over Ontario’s Ring of Fire
Mining claims jump in northern Ontario’s Ring of Fire as EV battery interest grows
First Nations leaders demand equal partnership in Ottawa’s ‘broken’ regional assessment for Ring of Fire

Onigaming plans to develop a youth crisis center and recreation multiplex, in hopes it will help struggling community members. The recreation center will also provide a much-needed space to hold the community’s many funerals.

“We’ve been doing them in the school and we just made a decision this past year not to do them in the school anymore because of how heavily we’re traumatizing the children,” said Copenace.

Responding to the state of emergency means there is little bandwidth left for resource negotiation, he said. “It’s impossible for us to come to the table because we’re always having funerals, because we’re always dealing with young people that are suicidal,” said Copenace.

ABOUT THE AUTHOR

Michelle Allan, Reporter

Michelle Allan is a reporter at CBC Thunder Bay. She’s worked with the CBC’s Investigative Unit, CBC Ottawa and ran a pop-up bureau in Kingston. She won a 2021 Canadian Association of Journalists national award for investigative reporting. You can reach her at michelle.allan@cbc.ca.

Australia's Wyloo promises metals hub in bid for Canada's Noront

IMPERIALISM THE HIGHEST STAGE OF CAPITALISM

By Jeff Lewis 

TORONTO (Reuters) - Australian mining billionaire Andrew Forrest's Wyloo Metals on Monday said it would develop a "future metals hub" and study battery material production in Canada as it seeks to clinch a takeover of nickel-copper miner Noront Resources.

Wyloo's planned unsolicited bid for the remaining shares of the Canadian miner values Noront at C$133 million ($110.12 million), or C$0.315 per share. It is Noront's top shareholder, with a 23% stake as of December.

Noront last week said it would look to adopt a poison-pill plan to thwart any takeover.

Wyloo head Luca Giacovazzi declined to comment on the potential for a higher bid, noting the offer is a 91% premium to Noront's share price in December, before Wyloo's initial investment.

"It's a very material premium to shareholders who have had to go through the pains of the Noront story for many years," he told Reuters.

Noront had no immediate comment.

Wyloo said it would commit C$25 million to study the potential to produce chemical products in Ontario province, Canada, for the emerging market for electric vehicle batteries, including the construction of a ferrochrome plant.

It would also target C$100 million in contract awards to First Nation businesses and develop Noront's flagship Eagle's Nest deposit as a net-zero emissions mine, the company said.

Wyloo is a subsidiary of Forrest's Tattarang, one of Australia's largest private investment groups.

Canada in March tightened foreign investment rules in critical minerals, but stopped short of barring the acquisitions of such assets.

(Reporting by Jeff Lewis; editing by Barbara Lewis)

Amid nickel glut, Indonesia’s next president vows to keep ‘downstreaming’ policy

Reuters | March 13, 2024 |

Prabowo Subianto (Image: X)

Indonesia’s incoming president, Prabowo Subianto, has pledged to continue predecessor Joko Widodo’s nickel “downstreaming” policy but faces the task of reducing oversupply while pushing to strengthen the processing industry, his advisers say.


Prabowo, said by independent pollsters to have won the Feb. 14 election, has said he will pursue the effort to extract more value from Indonesia’s vast resource wealth by halting exports of key raw materials and developing domestic processing instead.

The policy drew investments of billions of dollars from smelting firms, most of them Chinese, and boosted Indonesia’s exports.

But it led to an oversupply of processed nickel that caused a drop of 45% in prices last year, squeezing producers in Australia and elsewhere, although they have since recovered to stand up about 12% in 2024.

Experts advising Prabowo are discussing ways to stem a further decline in prices while still generating more jobs and boosting value-addition, members of his campaign team said.

“We must control supply so prices can be underpinned,” Erwin Aksa, a campaign vice-chair, told Reuters, adding that current conditions are likely to drive investors to avoid new projects.

“If there is too much oversupply and those smelters stop their operations, that would impact the whole supply chain,” he added.

Prabowo himself has not publicly detailed his nickel strategy, but told a Feb. 6 rally, “We are determined to guard Indonesia’s wealth. We want to manage and control this wealth, so the value-add can be enjoyed by all Indonesian people.”

Indonesia produced about 1.4 million tons of primary nickel last year, or about 40% of global output, data from the International Nickel Study Group showed.

“Indonesia is flooding the nickel market with low-cost supply, and we don’t think it’s going to stop anytime soon,” said S&P Global Ratings, which predicts the country will add 300,000 metric tons of smelting capacity this year.

S&P Market Intelligence expects the oversupply to continue beyond 2025, as Indonesia has excess capacity for an intermediate product, nickel pig iron (NPI).
Taking stock?

Some of Prabowo’s advisers have called for a moratorium on new smelters, allowing time to take stock of reserves and improve governance.

Last year, a miners’ association warned that reserves of high-grade nickel ore could be depleted in about six years. Recently, a government official said overall nickel ore reserves were sufficient for 30 years.

No decision has been made on a possible moratorium, however, said Eddy Soeparno, another vice-chair of Prabowo’s campaign team, while adding, “It is good to take a pause and give the policy an overview.”

Prabowo will push for further processing of NPI, helping to ease oversupply, said another campaign official, Anggawira, who goes by one name.

The main challenge was building domestic industries to consume the nickel, he said.

“When the nickel is cheaper, that would make our industries more efficient,” added Anggawira, who also chairs the Association of Indonesian Energy, Mineral, and Coal Suppliers.

(By Fransiska Nangoy; Editing by Tony Munroe and Clarence Fernandez)

Wyloo says industry will turn from LME without green nickel

Reuters | March 13, 2024 

Wyloo owner Andrew Forrest. Credit: World Economic Forum

Nickel miner Wyloo, owned by Australian mining magnate Andrew Forrest, said that if the London Metal Exchange (LME) doesn’t launch a green nickel contract, the industry will have to look for another trading venue.


Forrest had told Australian media last month that the LME should classify its contracts into clean and dirty to give customers more choice. Wyloo is set in May to shutter two nickel mines in Australia that it bought last year for $504 million.

The LME said that low carbon nickel, which it classifies as producing 20 tonnes of carbon dioxide or less per tonne of nickel, could already be traded on its partner MetalsHub’s system.

“Wyloo has been contacted by several parties seeking to develop a green nickel premium, so there is clearly demand for greater transparency and differentiation between clean and dirty nickel,” Wyloo CEO Luca Giacovazzi told Reuters.

“As the world’s largest metals exchange, the LME should be leading in this area,” he said.

“If the LME is to continue to set the standard for ethical metal supply practices, it cannot afford to take no action, or the industry will look for an alternative marketplace.”

Calls for a nickel price that reflects strong environmental and governance standards have grown from high-cost producers such as Australia, where low prices have forced miners to shutter operations due to a flood of Indonesian supply, most of which is produced using coal.

(By Melanie Burton; Editing by Michael Perry)

AUSTRALIAN MINERS IN ONTARIO

BHP extends Noront bid deadline amid talks with Wyloo

Cecilia Jamasmie | November 10, 2021 |
The Eagle’s Nest nickel-copper-PGM project in northern Ontario’s Ring of Fire region.

 (Image courtesy of Noront Resources.)

BHP (ASX, LON, NYSE: BHP) has extended the deadline for Noront Resources’ (TSX-V: NOT) investors to accept or refuse its bid from November 16 to the end of the month, as talks with rival Wyloo Metals regarding the imminent takeover of the Canadian miner progress.


“BHP and Wyloo Metals have continued their conversations and are considering a mutually beneficial arrangement regarding the acquisition of Noront by BHP,” the world’s largest miner said in the statement.

It noted there is no guarantee at the time that an agreement with Australian billionaire Andrew Forrest’s Wyloo will be reached.

BHP last month sweetened its all-cash offer for Noront to C$0.75 per share, overtaking Wyloo’s C$0.70, which granted it the Toronto-based miner’s support.

At stake is Noront’s early-stage Eagle’s Nest nickel and copper deposit in the ‘Ring of Fire’ in northern Ontario. The asset has been billed by Wyloo as the largest high-grade nickel discovery in Canada since the Voisey’s Bay nickel find in the eastern province of Newfoundland and Labrador.

Eagle’s Nest is expected to begin commercial production in 2026 with the mine running initially for 11 years.

The mine’s start date has repeatedly been pushed back by Noront due to successive federal and provincial governments’ inability to consult and reach a unanimous agreement with First Nations in the area.
Nickel fever

The tug of war between the two Australian companies is the latest evidence of the rush global miners are in to secure supply of battery metals ahead of an imminent surge in demand for electric vehicles.

Nickel production would need to increase nearly fourfold to meet expected demand for electric and hybrid vehicles, the company estimates. Likewise, copper output would also need to grow exponentially to meet demand from renewable power generation, battery storage, electric vehicles, charging stations and related grid infrastructure.

Tesla boss Elon Musk has expressed worries about a looming nickel shortage. He pleaded with miners last year to produce more nickel, promising a “giant contract” for supply produced efficiently and in an “environmentally sensitive way.”

Last month, the US EV giant inked a multi-year nickel supply deal with New Caledonia’s Prony Resources. The contract guarantees it about 42,000 tonnes of the metal needed to produce the batteries that power its EVs.

Tesla also has a similar agreement with BHP.

Australian Magnate Beats BHP on ‘Superior’ Offer for Canadian Nickel Miner

Yvonne Yue Li
Mon, October 18, 2021



(Bloomberg) -- Canadian miner Noront Resources Ltd. agreed to be acquired by Andrew Forrest’s Wyloo Metals Pty Ltd. in a deal that tops a rival offer from BHP Group.

Noront agreed to Wyloo’s “superior” offer of C$0.70 a share, which represents a 27% premium to BHP’s friendly offer of C$0.55 from July, the Toronto-based company said Monday in a statement. BHP has been given five business days to match the offer from the firm controlled by Forrest, an Australian mining magnate.

Shares of Noront fell 6.2% to C$0.76 at 9:55 a.m. in trading in Toronto.

Wyloo and BHP have been in a bidding war to gain access to Noront’s high-grade Canadian nickel deposits in a largely untapped region of northern Ontario dubbed the Ring of Fire. Mining heavyweights are racing to control more supplies of raw materials that are key to transitioning to low-carbon energy sources. Nickel is one of the key metals used in lithium-ion batteries for electric vehicles.

Wyloo already owned about 24% of Noront’s stock and took further steps last month to lift its stake to 37.3% by swapping convertible debt into common shares. Wyloo said in August that its unsolicited proposal was more likely to succeed because it owns a chunk of Noront shares and doesn’t intend to support BHP’s offer. The deal values Noront at about C$321 million ($259 million), based on approximately 458.5 million shares outstanding as of July 31.

Noront’s main asset is the Eagle’s Nest deposit in Ontario, whose mineral wealth includes nickel, copper, chromite and zinc.

Imperialism, the Highest Stage of Capitalism (crushcapitalism.com)

AUSSIE MINERS FIGHT TO OWN RING OF FIRE
What's to become of Noront's ferrochrome plant? 

Wait for the bidding war to settle, says CEO

Chromite production plans, smelter plan in limbo until new ownership takes control of Noront's Ring of Fire metal assets

IMPERIALISM THE HIGHEST STATE OF CAPITALI$M

By: Ian Ross

Site rendering of Noront Resources' proposed ferrochrome processing 

plant in Sault Ste. Marie


Ask Alan Coutts what's to become of a proposed ferrochrome processing plant for Sault Ste. Marie and the president of Noront Resources gives a straightaway answer.

"That will ultimately be a question that will be answered by the new owners."

Noront selected Sault Ste. Marie in 2019 is its preferred location for a high-tech smelting operation, settling on a brownfield site at Algoma Steel.

But in the last few months, the Toronto mine developer and holder of the most prime mineral property in the James Bay's Ring of Fire mineral belt has become a takeover target by BHP and Wyloo Metals, the former being arguably the world's biggest mining company.

The two Australian rivals are in the early stages of a bidding war for control of Noront and its Eagle's Nest nickel-copper deposit, 500 kilometres northeast of Thunder Bay. It has an 11-year mine life with the real likelihood to extend it to 20 years.

Both companies are looking to preemptively stake their global turf and gain exposure to nickel, which is used in manufacturing lithium-ion batteries for the coming electric vehicle revolution.

Noront's 156,000-hectare land package hosts eight deposits and hundreds of documented occurrences of nickel, copper zinc, platinum, palladium, gold, titanium, vanadium, diamonds and cobalt. Many of these metals are key ingredients needed for the electric vehicle supply chain, battery storage technology, renewable energy, digital technologies, and various applications in health care, aerospace and defence.

But it was the purity and thickness of high-grade chromite, the dark grey metal discovered practically outcropping at surface in 2007, that first drew widespread attention to the region.

Noront's mining batting order has always been to lead off with Eagle's Nest, starting production in mid-2026, before digging into Blackbird, the first of four chromite deposits, and commission that project by 2028. The Sault plant would be built by then and ready to take the chromite feed.

Those timelines remain in limbo with a bidding war underway for Noront.

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 chromite would follow the same path to a ferrochrome plant in the Sault.

About 1,000 to 1,500 construction and supply-related jobs would be created in the city, with 500 permanent plant jobs to follow for a facility that would expand as more chromite deposits come into production based on market demand.

The semi-finished ferrochrome material would be barged down the Great Lakes and Mississippi River to stainless steel manufacturers in the U.S.

Coutts mentioned their concept has been well-received by potential American customers. Most of the chrome material used by the U.S. stainless steel industry is imported from South Africa and Kazakhstan.

"We think it's a very good path forward," said Coutts.

"Ultimately, if someone buys the company they can review that and make their own decisions."

Wyloo chief executive Luca Giacovazzi told Northern Ontario Business in early June that chromite was viewed by the company as more of a "longer term opportunity."

"The focus is on nickel."

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.

Wyloo is a subsidiary company of Tattarang, one of Australia's largest private investment groups. Tattarang is headed by billionaire mining magnate Andrew Forrest, who turned Fortescue Metals into the world's fourth largest iron ore producers in Australia's Pilbara region.

BHP Group is the world's largest iron ore miner with operations in Chile, Peru and western Australia. In 2021, the Melbourne-headquartered cleared US$11.3 billion in profit. The company recently established a copper and nickel exploration office in Toronto to be close to Ontario's battery metals scene.

For whichever mining company acquires Noront, don't expect the chromite to be placed on the backburner.

"Wyloo and BHP are excellent world-class companies on bulk materials like iron ore," said Coutts. "Chromite's like that.



"These guys have a ton of experience developing assets like the chrome and the associated infrastructure, and I don't think they'd have any trouble getting their heads around the opportunity.

"It might not be what attracts them in the first place, but I certainly think they'd pay a lot of attention to the (chromite) assets if they became the owners."

In elected to pursue a ferrochrome plant, Noront really stepped beyond the traditional resource development role of a junior mining company by wanting to make the rare leap to becoming a major mining player.

Coutts, a former Falconbridge executive and trained geologist, spoke confidently in past interviews that it was Noront's ambition to become a mine builder. The Ring of Fire, he said, would be their version of the mineral-rich Sudbury basin, with more than 100 years of ore production.

Noront brought Coutts aboard in 2013. He had been involved in exploration, development and operation of mines in Canada and Australia.

His chief development officer, Steve Flewelling, was hired in 2015. He had worked for Falconbridge's successor company, Xstrata Nickel/Glencore, on mining and smelting projects around the world.

Coutts said the processing space is an area they are very comfortable operating in.

"We like the fact that it was a Canadian company developing the assets," said Coutts, who was at the helm when Cliffs Natural Resources exited the Ring of Fire in 2015.

It provided an opportunity for Noront to acquire their claims and consolidate more ground after other exploration companies followed suit, allowing them to become the leading mine developer in the region, albeit with limited financial resources.

Though labelled a junior miner, Coutts said their approach was that it made the most sense, economically, not only to build the mines and produce the ore, but in the case of chromite, it was within their scope to produce an intermediate product to get a value-added lift.

"Certainly, Steve had a ton of experience with the smelting process both in Sudbury and, internationally in New Caledonia."

Coutts said they felt quite comfortable working with Hatch Engineering on the furnace design and the commissioning of a ferrochrome plant down the road.

Whether Coutts and Flewelling stick around under new ownership to see the fruits of their labour come into production remains to be seen.

In a recent interview, Wyloo's Giacovazzi was non-committal in retaining Noront's current senior management, if their bid was accepted by Noront shareholders, saying only the Ring of Fire operating team would be a mixture of new and old faces.

"That's how things work," replied Coutts. "Perhaps there's still a role for us going forward.

"But we would still recommend that path and the approach that we've taken."

It is almost one hundred years since the publication of V. I. Lenin’s Imperialism: The Highest Stage of Capitalism and Nikolai Bukharin’s Imperialism and World Economy,2 written in the midst of the carnage of World War I. Imperialism was written in the first half of 1916 and published in mid-1917; Imperialism and World Economy was not published until several months later, but it was substantially written in 1915 and very likely influenced Lenin’s own thinking, since he read the book in manuscript and wrote an introduction for it in December 1915 supporting its main analysis.

Lenin and Bukharin on imperialism | International ...

isreview.org/issue/100/lenin-and-bukharin-imperialism/index.html

 

ONTARIO

The Ring of Fire: An abundance of metals, few juniors

LONG READ

Rick Mills - Ahead of the Herd | June 13, 2025 |

Aerial view of lake in Ring of Fire, Ontario. Stock image.

Northern Ontario Business calls the Ring of Fire “the garden of agony” for mining companies ever since the discovery of nickel and chromite in the James Bay region in 2007-08:

Over the decades, the vast and open-ended mineral potential of the remote Ring of Fire has received its share of passionate lip service from Ottawa and Queen’s Park.

But these two orders of government have also contributed to the lack of Far North development through apathy and inaction, arduous assessment processes, and diverging policies over how — or even if — resource extraction should take place in the James Bay lowlands. 

The sclerotic pace of development though could be quickening, thanks to a change of federal government, new initiatives from the Doug Ford-led provincial government, and progress on roadbuilding that is being headed up by local First Nations.

A promise of new mining infrastructure has brought a fresh wave of optimism from resource companies advancing deposits in the region, who see a new “area play” developing. Curiously though, this area play, i.e, mineral exploration that takes on a regional perspective, involves mostly major and mid-tier mining firms rather than junior resource companies that normally create areas plays where one company makes a discovery then begins staking ground, followed by others with similar ambitions.

What is the Ring of Fire?

The Ring of Fire is one of the most promising opportunities for critical minerals development in the Canadian province of Ontario.

Wikipedia says “The Ring of Fire is a vast, mineral-rich region located in the remote James Bay Lowlands of Northern Ontario Canada. Spanning approximately 5,000 square kilometres (1,900 sq mi), the area is rich in chromite, nickel, copper, platinum group elements, gold, zinc and other valuable minerals. Discovered in the early 21st century, the Ring of Fire is considered one of the most significant mineral deposits in Canada, with the potential to greatly impact the nation’s economy and global mining industry.”

“The region is centred on McFaulds Lake near the Attawapiskat River in Kenora District, approximately 400 kilometres (250 miles) northeast of Thunder Bay, about 70 kilometers (43 miles) east of Webequie, and due north of Marten Falls and Ogoki Post, which is near/on the Albany River in the James Bay Lowlands of Ontario, Canada.”

The Sudbury Star notes the Ring of Fire spans an area of Ontario bigger than Quetico Provincial Park — itself nearly as big as Algonquin Park.

According to the Canadian Mining Journal, the number of mining claims in the Ring of Fire has increased by over 28% since September 2022. The 33,074 claims, as of September 2023, now cover approximately 626,000 hectares, nearly 10 times the size of Toronto.

Privately held Juno Corp currently holds the most claims at 17,000 covering about 333,000 hectares. More on Juno and other companies operating in the ROF below.

Minerals found in the Ring of Fire to date include:

• chromite
• copper
• zinc
• gold
• diamonds
• nickel
• platinum group elements

Source: Ontario government

Source: Canadian Geographic

Ontario’s Critical Minerals Strategy is a five-year roadmap that will secure the province’s position as a reliable global supplier of responsibly sourced critical minerals.

According to the provincial government,

Ontario is a globally significant producer of critical minerals including nickel and cobalt and is home to several advanced lithium and graphite development projects. Other critical minerals that have either been produced in the province, or that occur in deposits currently being developed, include barite, chromite, fluorspar, magnesium, molybdenum, niobium, phosphate and tungsten. These minerals are key components of stainless steel and other important building materials that contribute to economic growth.

The global supply chain issues that have taken root over the last couple of years and recent geopolitical conflicts demonstrate that, now more than ever, steps must be taken to ensure that we have the minerals and advanced materials required to continue transitioning to a more connected, cleaner and technology-driven economy. Currently, a great deal of global mine production and important mineral processing and refining capacity for critical minerals, such as those minerals and materials required to produce electric vehicle batteries, is concentrated in only a handful of jurisdictions outside of North America. Where and how critical minerals are mined, processed and refined is important to manufacturers and consumers. Ontario’s exceptional mineral potential, supportive business climate and strong environmental and social governance fundamentals make the province a premier global destination for investment into critical minerals development.

The Ontario government goes on to say the Ring of Fire is “a transformative opportunity for unlocking multi-generational development of critical minerals,” and that “Ontario continues to make progress on the ‘Corridor to Prosperity’ leading to the Ring of Fire region by collaborating with First Nations partners on legacy infrastructure development in Northern Ontario.”

Source: Ontario government

The Ring was discovered in 2007 by late Sudbury prospector Richard Nemis. As mining lore has it, Nemis came upon the first trove of chromite in the region and, being a fan of Johnny Cash, named the area after Cash’s hit song. The Sudbury Star points out that it was actually his financier friend Robert Cudney, however, who suggested the name while dining with Nemis and former mining exec John Harvey at a Toronto restaurant, according to the book ‘Ring of Fire: High-Stakes Mining in a Lowlands Wilderness’.

The name also alludes, however, to the shape and nature of the geological formation that contains the minerals — a crescent of ancient, volcanic rock.

Cash’s song “Ring of Fire,” was written by his 2nd wife June Carter in 1963. Carter wrote the song trying to express what it felt like falling in love with the man in black.

Mineral endowment

The Star quotes Stan Sudol, a Toronto-based analyst and frequent contributor to the newspaper, who called the Ring of Fire “the most important mining discovery in Canadian history,” which could “even exceed the legendary Sudbury Basin” in output someday.

The Ontario mines ministry says the area is rich in chromite, cobalt, nickel, copper and platinum group elements.

The underlying greenstone belt is similar to the world-famous Abitibi Greenstone Belt that runs from Timmins and Kirkland Lake in Ontario to Quebec’s Rouyn-Noranda and Val d’Or.

The Ring of Fire’s metal resources have a wide variety of applications, everything from EV batteries to military equipment, wind turbines and semiconductors. Chromite, found in larger quantities in the ROF than anywhere else in North America, is turned into ferrochrome, a key alloy in the manufacture of stainless steel. (Sudbury Star)

As for how much wealth is trapped in the rock, Ontario Premier Ford’s estimated economic potential of “upwards of a trillion” is likely hyperbole. The more scientific figure is in the tens of billions. The Star notes a decade ago, late geoscientist James Franklin estimated future output at $30-50 billion, while in February 2025, Ricochet Media said Ford’s trillion-dollar figure “is astronomically out of step with actual estimates that go as high as $77 billion, when adjusted for inflation.”

New roads

Extracting the Ring of Fire’s metals however is far from easy. Nothing can happen without a way to transport material in and out. That statement is easier to appreciate when one considers that this vast, isolated area still has no rail or road access — the nearest road apart from ice roads built during the winter is 300 km away.

The area which consists largely of muskeg is also home to multiple First Nations, that by law must be consulted before any mining or mining infrastructure can take place on their territories.

According to the Canadian Mining Journal:

Although chromite, copper, and nickel were discovered in 2007, the area’s remoteness, lack of infrastructure, opposition from some neighbouring First Nations, and bureaucratic red tape have been ongoing issues. The remote location can only be accessed by planes and winter roads (ice roads) only accessible for about two months of the year…

Three permanent roads are planned, connecting two of the communities and proposed mines. The Marten Falls community access road would create a 200-km north-south permanent route from Marten Falls First Nation to the provincial highway. The Webequie supply road is a proposed 107-km road which would provide year-round access from the community’s airport to the Ring of Fire. The proposed 117 km to 164 km northern road link would connect the mines to the two local roads.

According to the Marten Falls First Nation website, “Better access would allow reduced transportation costs for goods and services; meaning more affordable food, fuel, and other vital supplies and services; enhanced access to emergency, health and social services; increased opportunity for training and jobs for First Nation people and businesses during planning and construction; and increased opportunity for local sustainable economic development.”…

Road construction is estimated to take from five to 10 years and will be carried out by the Marten Falls and Webequie First Nations. The roads are estimated to cost approximately two billion dollars.

Northern Ontario Business reported this week that the Webequie released an environmental report on the Webequie supply road — seen as a key step toward opening the region to mining development:

The draft assessment and impact statement outlines possible effects of the proposed two-lane all-season road and other planned and existing projects, including the Eagle’s Nest and Big Daddy mines, as well as the Marten Falls community access road.  

Global News said on June 3 that “A road to the mineral-rich Ring of Fire in northern Ontario is at the centre of the Ford government’s economic strategy, relying on mining contracts to create jobs and prosperity in the face of tariffs from the United States.”

Source: Ontario Government

“Development of a regional infrastructure corridor providing all-season road access, led by First Nation communities, is key to unlocking the Eagle’s Nest deposit,” Wyloo states on its website.

Plugged In

Last year 16 First Nations received power from the grid in Ontario and all the First Nations in the Ring of Fire are expected to have power by the end of this year.

That’s very positive in that these communities are going to be getting off diesel power, and of course these same communities want to see roads in, because they’re going to benefit from lower costs, better access to housing, energy, schools, health care, and at the same time there’s obviously an interest in developing the mines because of the economic benefits.

Cutting red tape

The Ring of Fire has been under the spotlight recently as both Ontario and the federal government look to counter US trade moves and build domestic mining and energy capacity.

The Ford government, particularly, has grown frustrated with the long timelines for opening mines and completing major projects. This is the justification it offers for tabling Bill 5, the ‘Protect Ontario by Unleashing Our Economy Act’.

Passed by Queen’s Park on June 4, Bill 5 aims to speed up mining projects and other developments in areas deemed to have economic importance. The legislation allows for creation of Special Economic Zones, where Cabinet would be allowed to exempt projects from certain environmental and labor laws.

Ford has said the Ring of Fire will be among the first places that get this designation — cutting the time period for project approvals in half.

His government has committed $1 billion to build out the Ring of Fire.

Prime Minister Mark Carney has pledged to work closely with the Ontario government to rapidly develop the area, in part through a ‘One Window’ approach that will enable companies “to navigate regulations faster and with fewer redundancies.”(Sudbury Star)

In March, Carney staked out his position in calling for an “action-oriented economy” vowing to end the duplicative environmental impact assessment processes for projects deemed nationally significant.

“One project, one review; it’s time to build,” Carney said. (Northern Ontario Business).

Canadian Mining Journal mentions several Ontario government initiatives for developing mineral resources in the province. They include the Junior Exploration Program that helps juniors finance early-exploration projects; the Critical Minerals Innovation Fund that supports Ontario companies in developing new mining technologies; and Bill 71, the Building More Mines Act:

Bill 71 introduced amendments to the Mining Act that include changes to closure plans, recovery of minerals frameworks, and decision making. The minister can issue an order to defer one or more elements of a closure plan to prevent the delay of mining projects. Minor site alterations do not require filing a Notice of Material Change…

According to the minister of mines, “The economic benefits are already starting to accrue. Within the communities, the province has announced a billion-dollar commitment to develop the broadband and facilities, as well as the transmission corridors. There have already been hundreds of millions of dollars put into the Indigenous communities in the area.”

Projects and companies

The two biggest players in the Ring of Fire are Australia-based Wyloo Metals (privately owned), whose parent company is iron ore giant Fortsescue Metals; and unlisted Juno Corp, based in Toronto. As mentioned, Juno is the largest claim holder in the region with claims covering 4,600 square kilometers. According to its website, “Juno has an extensive and diversified list of targets for elements including Ni-Cu-PGE, VMS polymetallic Cu-Zn-Au, Au, Ti-V, and Cr.” Other companies:

• KWG Resources owns the Black Horse chromite project and maintains an interest in other deposits. KWG owns 90% of some chromite resources but the main chromite is owned by Wyloo. The remaining 10% is owned by Bold Ventures.
• PTX Metals (TSXV: PTX) is a junior with a copper-nickel-cobalt-PGE asset. PTX is surrounded by Barrick on the West end of its 250 sq km W2 Project.

Under the Spotlight – Greg Ferron, CEO PTX Metals

• Canterra Minerals (TSXV: CTM) has a 100%-owned Ring of Fire property and has entered into a deal with Teck Resources for Teck’s potential acquisition of the property, subject to a 1.5% NSR royalty.
• Ecora Resources PLC (TSX: ECOR), a royalty and streaming company, has a 1% life-of-mine NSR royalty over a number of claims on the Black Thor, Black Label and Big Daddy chromite deposits owned by Wyloo Metals.
• MacDonald Mines Exploration, acquired by Canuc Mines in May, is developing the SPJ project which spans 19,710 hectares and is situated approximately 40 kilometers northeast of the prolific Sudbury Mining Camp.
• Bold Ventures’ (TSXV: BOL) Koper Lake project consists of four claims comprising approximately 1,024 hectares hosting chromite and massive sulfide occurrences that have yet to be delineated. In 2012 Bold Ventures signed an option agreement with Fancamp Exploration to earn in for up to 60% of the Koper Lake project. Bold’s Ring of Fire project was originally comprised of claims held by Bold Ventures and Rencore Resources. Pursuant to a merger transaction concluded in 2012, Rencore became a subsidiary of Bold Ventures. The Rencore claims were drill-tested in 2012.
• Copper Lake Resources’ (TSXV: CPL) exploration portfolio includes the Marshall Lake VMS copper, zinc and silver property west of Lake Nipigon, and the Ring of Fire Norton Lake nickel, copper, cobalt, palladium and platinum property. Both are in northwestern Ontario and serviced from Thunder Bay.
• Ongold Resources’ (TSXV: ONAU) Ring of Fire property is October Gold, which covers more than 10 km of the prospective Rideout Deformation Zone, with gold endowment estimated at >15m ounces.

Eagle’s Nest

Wyloo acquired Noront Resources in 2022 and now owns the Eagle’s Nest nickel-copper mine. It is touted as the largest high-grade nickel discovery in Canada since Voisey’s Bay.

Wyloo says it hopes to begin construction of its mine in 2027, with production commencing by 2030. (Sudbury Star)

Northern Ontario Business reports Eagle’s Nest contains more than 15.7 million tonnes of high-grade nickel with significant amounts of copper and platinum group metals.

Wyloo has already invested $630 million on the Noront deal plus $25-30 million spent annually on the project, the publication states.

Last May, Wyloo chose Sudbury as the battery mineral host city for a downstream battery mineral processing plant to be fed by Eagle’s Nest. Mine construction would start in 2027, coinciding with the start of road construction.

Wyloo expects to release an updated feasibility study on Eagle’s Nest in a few months, Northern Ontario Business reported in April.

According to its 2012 feasibility study, the mine will last about 11 years and cost approximately $609 million to build, states the Canadian Mining Journal.

Reserves are estimated at 11.1 million tonnes grading 1.68% nickel, 0.87% copper, 0.87 g/t platinum, 3.09 g/t palladium, and 0.18 g/t gold. The company received a $500,000 grant from the Critical Minerals Innovation Fund to test storing tailings as underground backfill in mine workings.

Conclusion

The above-mentioned companies and their shareholders stand to benefit greatly from the road and power infrastructure the Ontario government is promising for the Ring of Fire.

Wyloo has already spent $650 million on Eagle’s Nest which is a feasibility-stage mine. Agnico Eagle has made a substantial investment in the Ring through Juno Corp. Teck Resources and Barrick have both come into the camp.

The First Nations have started to build roads from their communities to the supply roads. As this continues, you’ll see a wave of capital coming in for exploration, and then you’ll see these majors want to make significant investments because they realize the potential of this camp is billions of dollars worth of mineralization.

The Ontario government wants to build a concentrator in the Ring of Fire and then have the refineries in Sudbury finish the product.

As far as investors go, the Ring of Fire is currently an area play driven by major and mid-tier mining companies. It’s hard to invest directly into the ROF because the exposure is mostly to large, diversified mining firms. As you can see from the above list of juniors, quantity is scarce and that limits the number of quality junior vehicles into the play for investors.

Musselwhite, Red Lake, Timmins and Sudbury have something in common, the camps never existed until the infrastructure came in. I believe if the federal and provincial government’s do what they promised, the whole area is going to become a very hot area for the majors to be a part of.

That makes, for me, a junior with a quality land position in the Ring of Fire a must own. Especially a junior with a shallow resource on a massive, under explored mineralized footprint.

Richard does not own shares of PTX Metals (TSXV:PTX). PTX is a paid advertiser on his site aheadoftheherd.com

This article is issued on behalf of PTX.

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