Andrew Forrest has launched a takeover bid that will give him control of a high-grade nickel project in Canada as he looks to establish himself in the region and become a major force in battery metals independent of his multi-billion dollar iron ore interests.
The takeover bid, made through the Forrest family’s private investment arm Tattarang, values Noront Resources at $C133 million ($142.3 million) and comes six months after Dr Forrest grabbed control of a nearly 37 per cent stake in Noront through a deal with Resource Capital Fund.
Toronto Stock Exchange-listed Noront’s assets include Canada’s highest grade nickel discovery since Vale-owned Voisey’s Bay. The Forrest camp has signalled it is willing to bankroll development of the discovery along with other projects in a region known as the Ring of Fire.
Tattarang-controlled Wyloo Metals has pitched its takeover offer at C31.5¢ a share, which represents a 31 per cent premium on the last closing price and a 90 per cent premium from when Wyloo acquired its initial stake last December.
Noront’s highly rated Eagle’s Nest nickel project sits in the Ring of Fire, an emerging multi-metals region in the James Bay Lowlands of Northern Ontario where Noront has a number of other assets.
For the rest of this article: https://www.afr.com/companies/mining/forrest-in-142m-takeover-bid-for-canadian-nickel-player-20210525-p57v55