Wyloo Metals has put forward an offer to purchase local group Noront Resources.
The Australian firm already owned part of Noront, but are now looking for control of the mining company.
Mining Services Project Manager in Thunder Bay, John Mason, explains the offer.
“Wyloo Metals previously engaged Noront as a key shareholder in December of last year, they took over resource capital funds. They already were at 22.5%, the largest shareholder in Noront Resources. What we’ve heard in the last number of days is an all cash offer for Noront Resources from Wyloo Metals. That offer is on the table at this particular point.”
Mason goes on to say the interest from the Australian firm is proof of the quality mining Noront is carrying out.
“It’s really a testament to the quality of this particular project, of the mineralization. I mean, Wyloo is active globally and they can be active anywhere. At the end of the day the interest is in nickel, copper, platinum, palladium in the Eagle’s Nest deposit to start with. Those metals are of course critical, particularly class-one-nickel ”
Noront is asking shareholders to wait before taking actions.
