Australian mining giant BHP needs more time with rival bidder Wyloo Metals to talk about the Ring of Fire and an acquisition of Noront Resources.
Melbourne-headquartered BHP announced Nov. 10 that it's "progressing discussions" with Wyloo regarding its potential support of BHP's $0.75 per share offer for Noront.
To allow more time for these discussions to continue to reach a "mutually beneficial arrangement", BHP said it is extending the expiry of its share offer from Nov. 16 to Nov. 30 to allow these discussions to continue.
Wyloo, 37 per cent owner of Noront, made a move last May to acquire all of the common shares of the Toronto junior miner it did not own in a proposed $133-million deal. BHP stepped into the picture in late July with a rival bid and the two companies have been trading offers ever since.
Noront's board is favouring an acquisition by BHP.
Both companies prize Noront's Eagle's Nest project, a mining-ready nickel, copper, and platinum group metals project, located roughly 500 kilometres northeast of Thunder Bay in the remote James Bay region.