BHP (ASX, LON, NYSE: BHP) has once again extended the deadline for Noront Resources’ (TSX-V: NOT) investors to accept or refuse its bid from December 14 to January 14, 2022, as talks with rival Wyloo Metals regarding the imminent takeover of the Canadian miner progress.
The world’s largest miner and the Canadian company have also amended a support agreement inked in July and amended on October 19 relating to Noront’s backing of BHP’s offer in order to extend the outside date in that agreement from December 14, 2021 to January 21, 2022.
BHP and Australian billionaire Andrew Forrest’s Wyloo have been engaged in a tug of war with competing offers for Noront. The Melbourne, Australia-based mining giant latest bid for Noront stands at C$0.75 per share.
At stake is Noront’s early-stage Eagle’s Nest nickel and copper deposit in the ‘Ring of Fire’ in northern Ontario. The asset has been billed by Wyloo as the largest high-grade nickel discovery in Canada since the Voisey’s Bay nickel find in the eastern province of Newfoundland and Labrador.
Eagle’s Nest is expected to begin commercial production in 2026 with the mine running initially for 11 years.
The mine’s start date has repeatedly been pushed back by Noront due to successive federal and provincial governments’ inability to consult and reach a unanimous agreement with First Nations in the area.
More to come…