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BHP revives appetite for deals with biggest rivals in sights – by Thomas Biesheuvel and Dinesh Nair (Bloomberg News – January 18, 2022)

https://www.bnnbloomberg.ca/

(Bloomberg) — After sitting dormant for more than a decade, BHP Group — once mining’s most aggressive dealmaker — is positioning itself for a return to large-scale M&A.

BHP has expanded its dealmaking team, including in London, and is interested in pursuing a transformational deal, according to people familiar with the matter who asked not to be identified discussing private information. The company is evaluating rivals including Freeport-McMoRan Inc. and Glencore Plc, they said, while emphasizing that there is no indication it is preparing any bids at this point.

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BHP makes leap to riskier districts with plan to invest up to $100m in Tanzania’s Kabanga Nicke – by David MaKay (MiningMX.com – January 10, 2022)

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BHP will invest up to $100m in Kabanga Nickel and has rights to make further investments in a major boost to the Tanzanian firm’s mine development plans.

If BHP invests the full $100m it will have a 17.8% stake in Kabanga Nickel valuing the Kabanga project at $658m. Describing itself as owning the world’s largest mine-ready nickel sulphide mine in the world, Kabanga Nickel is set to produce its first concentrate in 2025.

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Australia’s Wyloo Metals hopes to have Ring of Fire nickel mine, access road by 2026 – by Niall McGee (Globe and Mail – December 23, 2021)

https://www.theglobeandmail.com/

Wyloo Metals Pty Ltd., the winner of a fierce bidding war for Noront Resources Ltd., hopes to have a large nickel mine in operation in the Ring of Fire, and an access road built into the remote minerals district in northern Ontario, within five years.

Earlier this week, BHP Group Ltd. said it was not willing to improve upon Wyloo’s offer of $617-million ($1.10 a share) for Noront, ending a seven-month battle. Wyloo, a private equity firm based in Perth, Australia, that specializes in investing in large resource projects, is backed by billionaire Andrew Forrest, founder of iron ore giant Fortescue Metals Group.

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NEWS RELEASE: BHP announces it will not match Wyloo’s proposal to acquire Noront

TORONTO and MELBOURNE, Australia, Dec. 21, 2021 /CNW/ – BHP Lonsdale Investments Pty Ltd (“BHP Lonsdale”), a wholly owned subsidiary of BHP, today announced that it will not increase or extend its offer for Noront Resources Ltd. (“Noront”).

BHP Chief Development Officer, Johan van Jaarsveld, said: “BHP is committed to its strict capital discipline framework. While the Eagle’s Nest deposit is a promising resource, we do not see adequate long-term value for BHP shareholders to support an increase in BHP’s offer in order to match the C$1.10 per share proposal from Wyloo Metals Pty Ltd.”

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BHP extends Noront bid deadline again amid Wyloo talks – by Cecilia Jamasmie (Mining.com – December 3, 2021)

https://www.mining.com/

BHP (ASX, LON, NYSE: BHP) has once again extended the deadline for Noront Resources’ (TSX-V: NOT) investors to accept or refuse its bid from December 14 to January 14, 2022, as talks with rival Wyloo Metals regarding the imminent takeover of the Canadian miner progress.

The world’s largest miner and the Canadian company have also amended a support agreement inked in July and amended on October 19 relating to Noront’s backing of BHP’s offer in order to extend the outside date in that agreement from December 14 to January 21, 2022.

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BHP continues talks with Wyloo on acquiring Noront’s Ring of Fire assets – by Staff (Northern Ontario Business – November 24, 2021)

https://www.northernontariobusiness.com/

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.

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BHP sees need for battery metals more than doubling in 30 years – by Cecilia Jamasmie (Mining.com – November 17, 2021)

https://www.mining.com/

As the pace and shape of the global transition to a greener economy has become a key issue globally, the need for battery metals will grow up to four times in the next 30 years, Vandita Pant, BHP’s chief commercial officer, said on Wednesday at the FT Commodities Asia Summit.

“Some of the modelling that we have done showed that in, let’s say a decarbonised world … the world will need almost double the copper in the next 30 years than in the past 30,” she told the audience at the inaugural session.

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BHP hungry for more nickel, copper (Australian Mining – November 12, 2021)

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BHP is looking at investing in additional early-stage development projects as the company aims to grow its copper and nickel portfolio.

BHP chief executive officer Mike Henry spoke at the company’s annual general meeting on Thursday, suggesting the success of its current copper and nickel projects should inspire more developments to follow.

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BHP in talks with Wyloo over acquisition of Noront’s Ring of Fire assets – by Staff (Northern Ontario Business – November 2, 2021)

https://www.northernontariobusiness.com/

BHP extending the initial expiry of its offer from Nov. 9 to Nov. 16

The two leading Australian bidders for Noront Resources and its Ring of Fire nickel and metal assets are discussing a “mutually beneficial arrangement” regarding the sale of the Far North junior mining company.

Currently, Wyloo Metals, a subsidiary of Tattarang, led by Australian mining magnate Andrew Forrest, is the largest shareholder of Noront at 37 per cent.

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BHP’s Plan to Exit Thermal Coal Is in Doubt – by Thomas Biesheuvel, Harry Brumpton and James Thornhill (Bloomberg News – November 1, 2021)

https://www.bnnbloomberg.ca/

(Bloomberg) — BHP Group’s exit from thermal coal is looking less certain as record prices and shifting investor attitudes put the brakes on its planned retreat from the dirtiest fuel, according to people familiar with the matter.

The company has been planning its thermal coal exit for at least two years — BHP has already sold a stake in the Cerrejon thermal coal mine in Colombia and is nearing a deal to sell some Australian coking coal mines.

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Tender shares to BHP, Noront Resources tells shareholders – by Staff (Northern Ontario Business – October 28, 2021)

https://www.northernontariobusiness.com/

Lacking Wyloo counteroffer, deal remains best option for Ring of Fire assets

Noront Resources is urging its shareholders to tender their shares to BHP by Nov. 5, which would give the Australian miner control over a massive undeveloped metals project in the mineral-rich Ring of Fire.

BHP put its latest offer on the table on Oct. 20, increasing its previous bid by 36 per cent and including a 7 per cent premium to that of a rival Australian suitor, Wyloo Metals, which offered $0.70 per share just two days earlier.

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Forrest v BHP may be start of green M&A fights – by James Thomson (Australian Financial Review – October 19, 2021)

https://www.afr.com/

BHP and Andrew Forrest’s battle over a small Canadian nickel hopeful isn’t going to be the last M&A fight sparked by the energy transition.

Tick. Tick. Tick. BHP has just five days to decide whether it wants to try to top Andrew Forrest’s offer for Canadian nickel hopeful Noront Resources, which won the backing of the minnow’s board on Monday night.

The smart money is on the Global Australian striking back, despite the full-court press Forrest has put on the Noront board. BHP chief executive Mike Henry is chasing future-facing commodities hard, and nickel, which is crucial to the production of batteries, is a prime target.

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BHP to expand into “tougher jurisdictions” in search of battery metals – by Cecilia Jamasmie (Mining.com – October 8, 2021)

https://www.mining.com/

BHP (ASX, LON, NYSE: BHP) chief executive Mike Henry said the company is ready for a strategic shift out of its geographical, advanced-economies comfort zone into “tougher jurisdictions”, as part of its plans to increase exposure to commodities such as copper and nickel, needed to power the energy transition.

Speaking at the Financial Times conference late on Thursday, the world’s largest miner’s CEO said he was confident the company could manage the risks of investing and operating in politically volatile countries.

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BHP opens Australia’s first nickel sulphate plant – by Cecilia Jamasmie (Mining.com – October 1, 2021)

https://www.mining.com/

BHP (ASX, LON, NYSE: BHP) said on Friday it had produced the first nickel sulphate crystals from its plant in Kwinana, outside Perth, a part of the miner’s strategy to grow its battery metals footprint to meet expected soaring demand.

Nickel is a key component for electric vehicle (EV) cathodes, and the world’s no. 1 mining company expects demand for the metal from the batteries sector alone to increase by 500% over the next decade.

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Miners race for nickel as electric car revolution looms – by Henry Sanderson (Financial Times – September 12, 2021)

https://www.ft.com/

Western groups compete for assets to secure supplies of key battery metal

In remote northern Ontario, hundreds of kilometres from the nearest railway or paved road, the world’s largest mining group and an Australian metals tycoon are in a bidding war for a deposit containing millions of tonnes of nickel.

The battle between BHP and Andrew Forrest’s Wyloo Metals for the asset’s owner Noront Resources comes as miners race to meet surging demand for battery metals as electric vehicles go mainstream.

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