Melbourne miner extending bid offer to mid-December
BHP, the world’s largest mining company, said it needs more time to reach an agreement with rival Wyloo Metals on taking over Noront Resources and its Ring of Fire mineral assets in Ontario’s Far North.
In a news release, BHP said it continues to have discussions with Wyloo Metals, Noront’s largest shareholder at 37 per cent, regarding its potential support of BHP’s C$0.75 per share offer to acquire Noront. Noront is siding with the BHP bid.
To allow more time for these talks to progress, BHP is extending the expiry of its offer from Nov. 30 to Dec. 14. The earliest time BHP will be taking up Noront shares under its offer will be at the new expiry time of 7 p.m. EST.
The two competing Australian mining interests were engaged in a bidding war this past summer and fall to acquire the Toronto junior miner and its flagship Eagle’s Nest Project. The remote, but mine-ready, nickel, copper and platinum group metals discovery, is 500 kilometres northeast of Thunder Bay in the James Bay region.