Noront Resources rebrands as Ring of Fire Metals
The Australian company that bought Noront Resources earlier this year has renamed it Ring of Fire Metals.
In a news release Tuesday, Wyloo Metals CEO Luca Giacovazzi said the name and branding was chosen to reflect the unique culture of the organisation, while also paying homage to its Canadian roots and the region's history.
"We highly value the rich history associated with the Ring of Fire region, the importance of the region to Canada's critical minerals future, and all that Noront Resources had achieved before we came on board," Giacovazzi said in the release.
"Although we are Australian owned, we feel strongly about building on the company's Canadian roots and growing Ring of Fire Metals to deliver jobs, business opportunities and economic development for Indigenous communities, Ontario and Canada more broadly."
Wyloo officially closed the deal for Noront in April of this year, gaining access to the nickel and chromite deposits in remote northwestern Ontario, about 500 kilometres from Thunder Bay. It outbid fellow Australian company, BHP.
The Ring of Fire has been in development for more than a decade, mainly for chromite deposits, a key element of stainless steel. However, the nickel deposits in the region have gained new importance as world demand for electric car batteries continues to grow.
The company's Eagle's Nest project is a high-grade nickel, copper and platinum group element deposit.
"This deposit has the potential to be a catalyst for developing additional downstream processing capability in Ontario and establishing the province as a globally significant producer of battery materials," the release said.
"We are committed to responsibly developing critical minerals, such as nickel, copper, cobalt, chrome, platinum and palladium, (which) are needed to support the transition to a low-carbon future."
Giacovazzi said Ontario has a chance to become a global hub for the metals needed to allow the world to "decarbonize."
"We want to play our part in connecting the minerals in the north with the manufacturing might in the south," he said.
"Ring of Fire Metals reflects the grit, determination, and unwavering commitment to sustainable mining, and to giving back to local communities, that will help us achieve this goal."
The new company name coincides with the resumption of activity at the Eagle's Nest, as well as broader exploration work across the region.
"Eagle's Nest is one of the highest-grade nickel-copper-platinum-palladium deposits in the world, and we're also very excited about the potential of our other mineral opportunities across the Ring of Fire region," Stephen Flewelling, acting CEO, Ring of Fire Metals, said in the news release.
"We are currently drilling to gather detailed structural data at Eagle's Nest so we can finalize infrastructure planning for the mine's development … In parallel, we are refreshing the Eagle's Nest mining, metallurgical and infrastructure studies and assessing how our operations can be tied into Ontario's first battery metals plant."
Click here for more details and to visit the company's new website.
CTVNews.ca Top Stories
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
NEW Iconic Canadian song turns 50
Andy Kim's 'Rock Me Gently' is marking a major milestone, as it celebrates its 50th anniversary.
Oprah Winfrey: I set an unrealistic standard for dieting
Oprah Winfrey said on Thursday evening that she has long played a role in promoting unhealthy and unrealistic diets.
Prince Harry, Meghan arrive in Nigeria to champion the Invictus Games and meet with wounded soldiers
Prince Harry and his wife, Meghan, arrived in Nigeria on Friday to champion the Invictus Games, which he founded to aid the rehabilitation of wounded and sick servicemembers and veterans, among them Nigerian soldiers fighting a 14-year war against Islamic extremists.
Countries struggle to draft 'pandemic treaty' to avoid mistakes made during COVID
After the coronavirus pandemic triggered once-unthinkable lockdowns, upended economies and killed millions, leaders at the World Health Organization and worldwide vowed to do better in the future. Years later, countries are still struggling to come up with an agreed-upon plan for how the world might respond to the next global outbreak.
Toronto police called to Drake's Bridle Path mansion for another alleged intruder on Thursday
Toronto police say a man who allegedly attempted to access Drake’s Bridle Path property was taken to hospital on Thursday after an altercation with security guards.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Flat tire on a highway? Here's why you shouldn't try to fix it
If you're cruising down a highway and realize you have a flat tire, you may want to think twice before stopping to fix it on the side of the road.
Storm-battered U.S. South is again under threat. A boy swept into a drain fights for his life
Dangerous storms crashed over parts of the U.S. South on Thursday even as the region cleaned up from earlier severe weather that spawned tornadoes, killed at least three people, and gravely injured a boy who was swept into a storm drain as he played in a flooded street.