The two leading Australian bidders for Noront Resources and its Ring of Fire nickel and metal assets are discussing a "mutually beneficial arrangement" regarding the sale of the Far North junior mining company.
Currently, Wyloo Metals, a subsidiary of Tattarang, led by Australian mining magnate Andrew Forrest, is the largest shareholder of Noront at 37 per cent.
Melbourne-headquartered BHP and its subsidiary company, BHP Lonsdale, announced Nov. 2 it is currently in discussions with Perth-based Wyloo Metals regarding its potential support of BHP's latest offer of $0.75 per share offer to acquire Noront.
To allow more time for those discussions to progress, BHP said it is extending the initial expiry of its offer from 11:59 p.m. (Toronto time) on Nov. 9 to 7 p.m. (Toronto time) on Nov. 16.
At that time, BHP' s offer will be expire. BHP said that is the earliest time it will be taking up Noront shares under its bid will be at the new expiry time.
Noront, however, has been favouring a sale to BHP, the world's biggest mining company. Last week, Noront was urging is shareholders to tender their shares to BHP by Nov. 5 in order to give the Australian mining company control over the massive undeveloped metals project in the mineral-rich Ring of Fire.
The two mining companies are each looking to acquire Noront’s high-grade Eagle’s Nest property, a deposit boasting nickel, copper, platinum, and palladium, as well as the chromite deposits Blackbird, Black Thor and Big Daddy, all located in the James Bay lowlands, about 500 kilometres northeast of Thunder Bay.
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