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Australian miner formalizes proposal at 70 cents per share
Wyloo Metals has made a formal bid to acquire Noront Resources and the company’s interests in the Ring of Fire. The Australian miner said it submitted its official proposal to Noront on Sept. 3.
According to the bid, Wyloo is offering 70 cents per share of Noront, a deal it calls “superior” to that of its rival bidder, BHP, which is offering 55 cents per share.
That’s a marked increase from the offer of 32.5 cents per share Wyloo was prepared to offer last spring. This is the latest development in the ongoing back-and-forth between the two parties, which are competing to win Noront’s Eagle’s Nest property.
Located 500 kilometres north of Thunder Bay in the James Bay region, the area is rich in nickel, copper and platinum group metals, all significant to the manufacture of batteries for the electric vehicle market.
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