OPINION: Forrest and BHP go to war over a company no one has ever heard of – by Elizabeth Knight (Brisbane Times – August 31, 2021)


BHP versus Andrew Forrest was once a David and Goliath fight confined to the Pilbara. Today the battle between the two titans of iron ore, has moved to the far reaches of Northern Canada and the quarry they both seek is a nickel company no one has ever heard of.

So small and financially embattled is Noront Resources, that nine months ago it was worth just around $70 million dollars – little more than the petty cash held in the head offices of BHP and Forrest’s Fortescue.

Thanks to the bidding war between Forrest and BHP, Noront is now capitalised at $380 million and counting. Forrest lifted his offer this week to C70 cents per share – trumping BHP’s C55 cents.

Despite his corporate and financial success the battle still feels personal for Forrest who is prepared to devote time and emotion to a bare knuckle brawl with the Big Australian.

In many ways it feels a bit like the good old days when as Australia’s blue blood corporate establishment miner BHP revelled in taking pot shots at the then corporate upstart, Andrew Forrest.

For the rest of this column: https://www.brisbanetimes.com.au/business/companies/forrest-and-bhp-go-to-war-over-a-company-no-one-has-ever-heard-of-20210831-p58nko.html?ref=rss&utm_medium=rss&utm_source=rss_feed