Challenges encircle Ring of Fire project. – Sault Star

Challenges encircle Ring of Fire project. – Sault Star

by ahnationtalk on October 22, 202179 Views

Oct 22, 2021

Australia’s BHP Group Ltd, one of the world’s largest miners, on Wednesday offered 75 cents in cash for each share of Toronto’s Noront Resources Ltd., as a bidding war erupts for control of the mineral claims on land around northern Ontario’s remote James Bay lowlands, colloquially known as the Ring of Fire.

That offer beats a bid of 70 cents per share that Wyloo Metals Ltd, backed by Australian billionaire Andrew Forrest, placed on Monday.

Even as BHP offers $419 million in cash for Noront — and Wyloo could still raise its own offer before  Nov. 9 when shareholders must tender their vote — a larger question looms about whether its projects in the Ring of Fire would ever be developed into mines.

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