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Nov 24, 2021

   

Industry News

BHP continues talks with Wyloo on acquiring Noront’s Ring of Fire assets

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James Bay lowlands

Melbourne miner extending bid offer to mid-December

BHP, the world’s largest mining company, said it needs more time to reach an agreement with rival Wyloo Metals on taking over Noront Resources and its Ring of Fire mineral assets in Ontario’s Far North.

In a news release, BHP said it continues to have discussions with Wyloo Metals, Noront’s largest shareholder at 37 per cent, regarding its potential support of BHP’s C$0.75 per share offer to acquire Noront. Noront is siding with the BHP bid.

To allow more time for these talks to progress, BHP is extending the expiry of its offer from Nov. 30 to Dec. 14. The earliest time BHP will be taking up Noront shares under its offer will be at the new expiry time of 7 p.m. EST.

Read the full article from Northern Ontario Business HERE.