Australian owner of major Ring of Fire deposits brings big promises, controversial reputation – CBC

Australian owner of major Ring of Fire deposits brings big promises, controversial reputation – CBC

by ahnationtalk on May 25, 202237 Views

May 25, 2022

Mining mogul touts experience with Indigenous people in Australia as company takes stake in Ontario

The Australian owner of the company that now holds the largest mining stake in the Ring of Fire in northwestern Ontario has a controversial reputation stemming from business dealings with Indigenous people in his homeland.

Andrew Forrest, a billionaire mining mogul and philanthropist, owns Wyloo Metals. In April, Wyloo took over Noront Resources’ stake in the Ring of Fire region in a $600-million deal that took the previously publicly traded Noront private.

The deal came as the province seeks to mine the region’s rich mineral deposits as part of its $3.5-billion critical minerals strategy amid a boom in electric vehicle (EV) battery production.

Read More: https://www.cbc.ca/news/canada/thunder-bay/wyloo-metals-ontario-ring-of-fire-andrew-forrest-stake-1.6443170

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