Australia's Wyloo bid for Canada's Noront shows battery metal scramble | Canada News Media
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Australia’s Wyloo bid for Canada’s Noront shows battery metal scramble

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A fight over Canadian nickel-copper miner Noront Resources shows the scramble for battery metals is accelerating, with global miners racing to secure supply ahead of an expected surge in demand from electric vehicles.

Wyloo Metals, a unit of Australian mining magnate Andrew Forrest’s Tattarang investment group, plans an unsolicited bid for the remaining shares of the Canadian miner valuing Noront at C$133 million ($110 million), or C$0.315 per share. Wyloo is Noront’s top shareholder, with a 23% stake as of December.

Noront adopted a poison pill and said it has yet to receive a formal offer. The company declined further comment.

At stake is the future of Noront’s early-stage Eagle’s Nest deposit, billed by Wyloo as the largest high-grade nickel discovery in Canada since the Voisey’s Bay nickel find in the eastern province of Newfoundland and Labrador, with an initial mine life of 11 years.

The bid signals renewed interest in Canada‘s largely dormant Ring of Fire, a cluster of minerals that Canadian leaders frequently compare to the country’s oil sands for their untapped economic potential.

“It’s a once-in-a-generation opportunity to set Canada up as a responsible, reliable producer of battery-grade nickel,” said Wyloo head Luca Giacovazzi.

Development of the Ring of Fire, about 1,000 miles north of Toronto, has so far fallen short of lofty expectations.

One of the most advanced projects, a chromite mine, was put on ice in 2013 due to risks associated with developing basic infrastracture, including roads and power lines.

Plans for new access roads are underway but remain years from development, said John Mason, mining project manager for the economic development agency in Thunder Bay, the region’s most populous municipality.

Wyloo has said it aims to accelerate development in the region.

Ontario is geographically close to U.S. automakers in Michigan and Ohio, and General Motors Co, Ford Motor Co and Stellantis NV have all announced plans to make electric vehicles at factories in the province.

Canada is expected to benefit from a U.S. drive to secure EV minerals from ally countries.

Nickel makes batteries energy-dense so cars can run farther on a single charge. Demand is forecast to double by 2030, driven by use in electric vehicles.

Wyloo’s planned bid for Noront follows its C$25 million joint-venture agreement with Canada‘s Orford Mining covering the West Raglan nickel project in Nunavik, Quebec.

Wyloo also said it aims to strengthen battery metal supply chains in Canada and study potential for a ferrochrome plant in Ontario while targeting C$100 million in contract awards to local First Nations.

Wyloo head Giacovazzi told Reuters those commitments reflect a long-term approach to developing battery-grade nickel in Canada for the burgeoning EV market.

He compared northern Ontario to Western Australia’s Pilbara region, rich in iron ore and home to miners like BHP Group, Rio Tinto and Forrest’s Fortescue Metals Group.

“I think if you went to the Pilbara 20 years ago you would never think that you would have major mining companies and the infrastructure that exists there today,” he said.

 

(Reporting by Jeff Lewis; Editing by Nick Zieminski)

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Bimbo Canada closing Quebec City bakery, affecting 141 workers

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MONTREAL – Bakery company Bimbo Canada says it’s closing its bakery in Quebec City by the end of the year, affecting about 141 workers.

The company says operations will wind down gradually over the next few months as it moves production to its other bakeries.

Bimbo Canada produces and distributes brands including Dempster’s, Villaggio and Stonemill.

It’s a subsidiary of Mexico-based Grupo Bimbo.

The company says it’s focused on optimizing its manufacturing footprint.

It says it will provide severance, personal counselling and outplacement services to affected employees.

This report by The Canadian Press was first published Sept. 19, 2024.

The Canadian Press. All rights reserved.



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NDP to join Bloc in defeating Conservatives’ non-confidence motion

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OTTAWA – The New Democrats confirmed Thursday they won’t help Pierre Poilievre’s Conservatives topple the government next week, and intend to join the Bloc Québécois in blocking the Tories’ non-confidence motion.

The planned votes from the Bloc and the New Democrats eliminate the possibility of a snap election, buying the Liberals more time to govern after a raucous start to the fall sitting of Parliament.

Poilievre issued a challenge to NDP Leader Jagmeet Singh earlier this week when he announced he will put forward a motion that simply states that the House has no confidence in the government or the prime minister.

If it were to pass, it would likely mean Canadians would be heading to the polls, but Singh said Thursday he’s not going to let Poilievre tell him what to do.

Voting against the Conservative motion doesn’t mean the NDP support the Liberals, said Singh, who pulled out of his political pact with Prime Minister Justin Trudeau a few weeks ago.

“I stand by my words, Trudeau has let you down,” Singh said in the foyer outside of the House of Commons Thursday.

“Trudeau has let you down and does not deserve another chance.”

Canadians will have to make that choice at the ballot box, Singh said, but he will make a decision about whether to help trigger that election on a vote-by-vote basis in the House.

The Conservatives mocked the NDP during Question Period for saying they had “ripped up” the deal to support the Liberals, despite plans to vote to keep them in power.

Poilievre accused Singh of pretending to pull out of the deal to sway voters in a federal byelection in Winnipeg, where the NDP was defending its long-held seat against the Conservatives.

“Once the votes were counted, he betrayed them again. He’s a fake, a phoney and fraud. How can anyone ever believe what the sellout NDP leader says in the future?” Poilievre said during Question Period Thursday afternoon.

At some point after those comments, Singh stepped out from behind his desk in the House and a two-minute shouting match ensued between the two leaders and their MPs before the Speaker intervened.

Outside the House, Poilievre said he plans to put forward another non-confidence motion at the next opportunity.

“We want a carbon-tax election as soon as possible, so that we can axe Trudeau’s tax before he quadruples it to 61 cents a litre,” he said.

Liberal House leader Karina Gould says there is much work the government still needs to do, and that Singh has realized the consequences of potentially bringing down the government. She refused to take questions about whether her government will negotiate with opposition parties to ensure their support in future confidence motions.

Bloc Québécois Leader Yves-François Blanchet hasn’t ruled out voting no-confidence in the government the next time a motion is tabled.

“I never support Liberals. Help me God, I go against the Conservatives on a vote that is only about Pierre Poilievre and his huge ambition for himself,” Blanchet said Thursday.

“I support the interests of Quebecers, if those interests are also good for Canadians.”

A Bloc bill to increase pension cheques for seniors aged 65 to 74 is now at “the very centre of the survival of this government,” he said.

The Bloc needs a recommendation from a government minister to OK the cost and get the bill through the House.

The Bloc also wants to see more protections for supply management in the food sector in Canada and Quebec.

If the Liberals can’t deliver on those two things, they will fall, Blanchet said.

“This is what we call power,” he said.

Treasury Board President Anita Anand wouldn’t say whether the government would be willing to swallow the financial implications of the Bloc’s demands.

“We are focused at Treasury Board on ensuring prudent fiscal management,” she said Thursday.

“And at this time, our immediate focus is implementing the measures in budget 2024 that were announced earlier this year.”

This report by The Canadian Press was first published Sept. 19, 2024.



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Anita Anand sworn in as transport minister after Pablo Rodriguez resigns

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OTTAWA – Treasury Board President Anita Anand has been sworn in as federal transport minister at a ceremony at Rideau Hall, taking over a portfolio left vacant after Pablo Rodriguez resigned from cabinet and the Liberal caucus on Thursday.

Anand thanked Rodriguez for his contributions to the government and the country, saying she’s grateful for his guidance and friendship.

She sidestepped a question about the message it sends to have him leave the federal Liberal fold.

“That is a decision that he made independently, and I wish him well,” she said.

Prime Minister Justin Trudeau was not present for the swearing-in ceremony, nor were any other members of the Liberal government.

The shakeup in cabinet comes just days after the Liberals lost a key seat in a Montreal byelection to the Bloc Québécois and amid renewed calls for Prime Minister Justin Trudeau to step down and make way for a new leader.

Anand said she is not actively seeking leadership of the party, saying she is focused on her roles as minister and as MP.

“My view is that we are a team, and we are a team that has to keep delivering for our country,” she said.

The minority Liberal government is in a more challenging position in the House of Commons after the NDP ended a supply-and-confidence deal that provided parliamentary stability for more than two years.

Non-confidence votes are guaranteed to come from the Opposition Conservatives, who are eager to bring the government down.

On Thursday morning, Rodriguez made a symbolic walk over the Alexandra Bridge from Parliament Hill to Gatineau, Que., where he formally announced his plans to run for the Quebec Liberal party leadership.

He said he will now sit as an Independent member of Parliament, which will allow him to focus on his own priorities.

“I was defending the priorities of the government, and I did it in a very loyal way,” he said.

“It’s normal and it’s what I had to do. But now it’s more about my vision, the vision of the team that I’m building.”

Rodriguez said he will stay on as an MP until the Quebec Liberal leadership campaign officially launches in January.

He said that will “avoid a costly byelection a few weeks, or months, before a general election.”

The next federal election must be held by October 2025.

Conservative Leader Pierre Poilievre said he will try to topple the government sooner than that, beginning with a non-confidence motion that is set to be debated Sept. 24 and voted on Sept. 25.

Poilievre has called on the NDP and the Bloc Québécois to support him, but both Jagmeet Singh and Yves-François Blanchet have said they will not support the Conservatives.

Rodriguez said he doesn’t want a federal election right away and will vote against the non-confidence motion.

As for how he would vote on other matters before the House of Commons, “it would depend on the votes.”

Public Services and Procurement Minister Jean-Yves Duclos will become the government’s new Quebec lieutenant, a non-cabinet role Rodriguez held since 2019.

This report by The Canadian Press was first published Sept. 19, 2024.

— With files from Nojoud Al Mallees and Dylan Robertson

The Canadian Press. All rights reserved.



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