- Write by:
-
Thursday, September 23, 2021 - 13:18:30
-
404 Visit
-
Print
Mining News Pro - A bidding war for a small Canadian nickel miner is showing no signs of cooling as its largest shareholder, Australian mining magnate Andrew Forrest, took a formal step to increase ownership.
Forrest’s Wyloo Metals Pty Ltd. said it notified Noront Resources Ltd. to swap its $15 million convertible loan for common shares of Noront. That will increase Wyloo’s equity ownership to about 37.3% from 24.2%, according to a statement Wednesday.
Wyloo has offered to buy Noront for C$0.70 per share, beating the C$0.55 offer made by BHP Group in July that Noront’s board agreed to support. Wyloo said last month its proposal is more likely to succeed because it owns a chunk of Noront’s shares and doesn’t intend to support BHP’s offer.
Mining heavyweight are racing to control more supplies of raw materials that are key to the transition to low-carbon energy sources. Noront has been developing one of Canada’s largest potential mineral reserves, in a largely untapped northern Ontario region dubbed the Ring of Fire.
Nickel is one of the key metals used in batteries for electric vehicles.
Short Link:
https://www.miningnews.ir/En/News/616670
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Barrick Gold Corp.’s chief executive officer says the gold miner will continue to host virtual-only annual general ...
The US and the Philippines are in discussions over ways to prevent China from dominating nickel processing in the ...
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
Ucore Rate Metals (TSXV: UCU) has deemed a 26-tonne sample of mixed rare earth carbonate (MREC) from the Wicheeda mine ...
Australian Strategic Materials ASM.AX said on Friday it has received a non-binding letter of interest for a debt funding ...
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
Eramet subsidiary SLN’s nickel mining operations in northern New Caledonia have been suspended, adding to difficulties ...
Brazilian miner Vale on Wednesday said lower prices for iron ore, nickel and copper in the first quarter dragged down ...
No comments have been posted yet ...