BHP (ASX, LON, NYSE: BHP) has offered C$325 million ($258.45 million) for Canadian nickel miner Noront Resources (TSX-V: NOT), trumping a bid by Australian mining billionaire Andrew Forrest’s Wyloo Metals, as top miners race to secure supplies of battery metals.
The world’s largest miner is offering C$0.55 per share of Noront, representing a premium of 129% to the firm’s closing price on May 21, a day before Wyloo’s proposal.
Noront is recommending that shareholders accept the bid, which comes through BHP Lonsdale, a subsidiary that already owns 3.7% of the Canadian nickel producer.
“BHP has the financial strength, world-class mining expertise, and commitment to work in partnership with stakeholders to advance Eagle’s Nest and the Ring of Fire, which has the potential to deliver benefits to local communities, First Nations and, and Ontario for years to come,” Noront’s chief executive Alan Coutts said.
BHP is speeding up its push into future-facing commodities, including nickel, lithium and copper, which are poised to benefit from the green-energy transition.
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