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Australian Forrest’s Wyloo signals bid valuing Noront at C$133 million

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Australian mining magnate Andrew Forrest‘s Wyloo Metals said on Tuesday it would launch an unsolicited bid for shares in Noront Resources it does not already own, an offer valuing the Canadian miner at C$133 million (US$110 million).

Noront responded by recommending that shareholders defer taking any action while it considers alternatives to Wyloo’s C$0.315 per share offer.

Wyloo said a deal would remove Noront shareholders’ exposure to uncertainty of “several further years” of infrastructure and mine development.

The bid would add to a global green drive by Forrest, who over more than two decades turned Fortescue Metals into the world’s fourth-biggest iron ore miner.

Noront’s main asset is the high-grade Eagle’s Nest nickel, copper and palladium deposit in Canada‘s so-called Ring of Fire.

That region contains rich mineral resources but development has been hampered by a lack of power and transportation infrastructure in the area in the far north of Ontario, some 1,000 miles northwest of Toronto.

Wyloo, a subsidiary of Forrest’s Tattarang, one of Australia’s largest private investment groups, became Noront’s top shareholder with a 23% stake in December.

It said the offer represents a 31% premium based on the closing price of Noront shares on May 21, the last trading day prior to the offer announcement.

Noront shares were up 29% at C$0.31 at midday.

Wyloo Metals also said it was prepared to make available to Noront a C$5 million unsecured, extendable loan.

In January, Wyloo announced a C$25 million option and joint venture agreement with Canadian junior Orford Mining covering the West Raglan nickel project in Nunavik, Quebec.

(US$1 = C$1.21)

(Reporting by Jeff Lewis;Editing by Alexander Smith and Richard Chang)

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Teamsters votes to fund and support Amazon workers

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The International Brotherhood of Teamsters, a labor union in the United States and Canada, said on Thursday it has voted to formalize a resolution to support and fund employees of Amazon.com Inc in their unionization efforts.

Amazon did not immediately respond to a request for comment.

(Reporting by Eva Mathews in Bengaluru; Editing by Arun Koyyur)

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Citigroup names new sales head for Treasury and Trade Solutions unit

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Citigroup Inc has named Steve Elms as the new sales head for the bank’s Treasury and Trade Solutions (TTS) unit effective immediately, according to an internal memo shared by a company spokesperson.

Elms, who will oversee the management of the global sales teams, has been involved with the bank’s TTS division for over 10 years, according to his LinkedIn profile.

TTS is a division of the bank’s Institutional Clients group. The segment offers cash management and trade services and finance to multinational corporations, financial institutions and public sector organizations around the world.

(Reporting by Niket Nishant in Bengaluru and David Henry in New York; Editing by Krishna Chandra Eluri)

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Indigenous group finds 751 unmarked graves at former residential school in Saskatchewan

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An indigenous group in Canada’s Saskatchewan province on Thursday said it had found the unmarked graves of 751 people at a now-defunct Catholic residential school, just weeks after a similar discovery rocked the country.

Prime Minister Justin Trudeau said he was “terribly saddened” by the new discovery at Marieval Indian Residential School about 87 miles (140 km) from the provincial capital Regina.

He told indigenous people that “the hurt and the trauma that you feel is Canada’s responsibility to bear.”

It is not clear how many of the remains detected belong to children, Cowessess First Nation Chief Cadmus Delorme told reporters.

He said the church that ran the school removed the headstones.

“We didn’t remove the headstones. Removing headstones is a crime in this country. We are treating this like a crime scene,” he said.

The residential school system, which operated between 1831 and 1996, removed about 150,000 indigenous children from their families and brought them to Christian residential schools run on behalf of the federal government.

“Canada will be known as a nation who tried to exterminate the First Nations. Now we have evidence,” said Bobby Cameron, Chief of the Federation of Sovereign Indigenous Nations, which represents 74 First Nations in Saskatchewan.

“This is just the beginning.”

Canada’s Truth and Reconciliation Commission, which published a report that found the country’s residential school system amounted to cultural genocide, has said a cemetery was left on the Marieval site after the school building was demolished.

Cowessess First Nation has been in touch with the local Catholic archdiocese and Delorme said he is optimistic they will provide records allowing them to identify the remains.

“We have full faith that the Roman Catholic Church will release our records. They haven’t told us ‘No.’ We just don’t have them yet.”

The Cowessess First Nation began a ground-penetrating radar search on June 2, after the discovery of 215 unmarked graves at the Kamloops Residential School in British Columbia outraged the country.

The Kamloops discovery reopened old wounds in Canada about the lack of information and accountability around the residential school system, which forcibly separated indigenous children from their families and subjected them to malnutrition and physical and sexual abuse.

Pope Francis said in early June that he was pained by the Kamloops revelation and called for respect for the rights and cultures of native peoples. But he stopped short of the direct apology some Canadians had demanded.

(Reporting by Anna Mehler Paperny in Toronto and Moira Warburton in VancouverEditing by Chizu Nomiyama and Alistair Bell)

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