Nickel

BHP outbids Wyloo with C$325m cash offer for Noront

BHP outbids Wyloo with C$325m cash offer for Noront
Mining News Pro - Diversified major BHP on Tuesday announced a recommended cash offer for Canadian nickel developer Noront Resources, outbidding Australian mining magnate Andrew Forrest’s Wyloo Metals.
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The offer of C$0.55 a share valued Noront, which is active in Ontario’s Ring of Fire cluster, at C$325-million.

Not only is it a significant premium to Noront’s closing price on Monday, but also 75% higher than the C$0.315 a share that Wyloo proposed to offer.

The Noront board “unanimously” recommend that Noront shareholders tender their shares to accept the offer.

“This transaction provides a significant premium to Wyloo's indicative offer, and crystallises immediate and certain value through an all-cash offer,” said Noront CEO Alan Coutts.

“BHP has the financial strength, world-class mining expertise, and commitment to work in partnership with stakeholders to advance Eagle’s Nest and the Ring of Fire, which has the potential to deliver benefits to local communities, First Nations, and Ontario for years to come.”

BHP chief development officer Johan van Jaarsveld said that the transaction was a “win-win for both BHP and Noront shareholders”.

“For BHP, the acquisition of Noront presents a world-class growth option, in a key future-facing commodity. The highly prospective Eagle’s Nest nickel project provides an excellent platform from which to develop further opportunities in Ontario’s Ring of Fire. For Noront shareholders, this offer recognises and realises the full value of Noront’s portfolio, delivering guaranteed shareholder returns in the near term.

"We are excited to bring our mining expertise and capabilities to develop these long-term opportunities. We look forward to working in constructive partnerships with First Nation peoples, government and communities to realize the untapped potential of these important resources.”


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