BHP's bidding war with billionaire over Noront Resources may end
BNN Bloomberg
A bidding war involving BHP Group, the world’s biggest mining company, and an iron ore billionaire over a small Canadian nickel company may be coming to an end.
A bidding war involving BHP Group, the world’s biggest mining company, and an iron ore billionaire over a small Canadian nickel company may be coming to an end.
BHP said it’s in talks with Wyloo Metals Pty Ltd., owned by iron ore magnate Andrew Forrest, to resolve a battle over Noront Resources Ltd., a miner with access to high-grade Canadian nickel deposits in an untapped region of northern Ontario dubbed the Ring of Fire.
Forrest had previously opposed BHP’s winning bid for the company.
Mining heavyweights are racing to control more supplies of raw materials that are key to transitioning to low-carbon energy sources. Nickel is one of the key metals used in lithium-ion batteries for electric vehicles.
BHP is extending the expiry of its offer by one week to 7 p.m. on November 16, 2021, according to a statement.
BHP and Wyloo Metals “are considering a mutually beneficial arrangement regarding the acquisition of Noront by BHP,” the statement said, adding that there was no assurance an agreement would be reached.
