The bidding war for Ring of Fire takeover target, Noront Resources, will rage for at least another week.
The board of directors of Noront announced Dec. 21 that it's supporting Wyloo's recent $1.10 per common share offer to acquire the Toronto-based junior miner and its valuable minerals in the James Bay region, now valued by Wyloo at close to $617 million.
Wyloo Metals' Australian rival, BHP, has five business days from today to match Wyloo'ss offer.
The two parties broke off talks to reach an agreement this month.
Both BHP and Wyloo are out to acquire Noront's mine-ready Eagle's Nest high-grade nickel, copper and platinum group metals project, located more than 500 kilometres northeast of Thunder Bay in the remote James Bay region.Noront also holds substantial deposits of high-grade chromite on its 156,000 hectares, a critical ingredient used in the making of stainless steel.
In a news release, Noront said there is no action for its shareholders to be taken today. The company has been siding with BHP since the international miner entered the bidding fray last summer.
Wyloo, a subsidiary company of Tattarang, Australia's largest investment fund, is a 37-per-cent shareholder in Noront.
BHP is the world's biggest mining company with operations in Australia, Chile, the U.S, and Canada, including potash operations in Saskatchewan.
“This is an exciting time to be an investor in future facing metal projects," said Luca Giacovazzi, chief executive of Wyloo, in a statement.
"Battery and hydrogen technologies are unleashing the full potential of renewable energy and the supply of critical metals simply isn’t keeping up. This is the greatest shift in the global economy since the industrial revolution.
"The Ring of Fire is home to expansive deposits of these metals, making this a once-in-a-generation opportunity to be part of the green revolution. Working hand-in-hand with First Nation and regional partners, we’ll develop the Ring of Fire into one of Ontario’s great mineral districts that will be pivotal in the world’s transition to a lower carbon future," he said.
