Eagle’s Nest nickel, copper project is the prize in looming bidding war between two Australian mining heavyweights
Alan Coutts is ignoring the posturing from Wyloo Metals. The president-CEO of Noront Resources said he’s more keenly interested in receiving legitimate bids to secure the best deal for shareholders.
“It’s one thing to put out a press release, it’s another to table a formal binding offer.”
Toronto-based Noront is the target of a looming bidding war between two rival Australian-headquartered mining heavyweights, Wyloo Metals and BHP, over Noront’s mineral deposits in the Ring of Fire.
The two companies are elbowing for the right to secure an advance source of supply of nickel, the raw material needed for electric batteries in the coming electric vehicle revolution.
Wyloo, a current 37 per cent shareholder of Noront, announced in May it intended to take over Noront in a $133-million bid. BHP surfaced in late July with a $325-million offer for Noront’s assets.