Andrew Forrest’s private nickel vehicle flooded by IPO pitches

“Every banker on the street is pitching” an initial public offering, Wyloo chief executive officer Luca Giacovazzi told media at the Diggers and Dealers conference in Kalgoorlie on Wednesday. “We’re not thinking about an IPO at the moment,” he added.

Wyloo aspires to be a major producer of nickel, a key ingredient in electric vehicle batteries, with mines in Canada and Australia. It also hopes to produce battery-ready materials at a plant near Perth in a joint venture with IGO Ltd.

In 2021, Wyloo outbid BHP Group Ltd. for Noront Resources Ltd — a Canadian explorer that holds a large nickel and copper deposit in Canada — and is in the process of acquiring and taking private West Australian nickel producer Mincor Resources NL.

Giacovazzi said it’s unusual for mining companies of Wyloo’s size and ambition to be privately held but that there’s no shortage of capital to fund its plans. He said financing could come from a mixture of equity from Tattarang, the family office of Forrest and his wife Nicola, and debt.

Last month Nicola and Andrew Forrest announced they would separate. Giacovazzi said the separation wouldn’t change Wyloo or Tattarang’s direction.