The billionaire’s private Wyloo Metals has launched a takeover bid for the ASX-listed Mincor Resources after a slide in shares over the last 12 months.
Andrew Forrest has launched a $760 million takeover bid for Mincor Resources in his latest quest for nickel assets that has ramifications for BHP.
RBC said a rival bid from BHP was unlikely but did not dismiss the prospect of IGO showing an interest in the takeover play. Mincor advised its shareholders not to take any action, with chief executive officer Gabrielle Iwanow suggesting the strategic value of the company’s assets was on the way up. “North America is emerging as a key jurisdiction in the critical minerals supply chain, with its combination of mineral endowments and manufacturing infrastructure,” Mr Giacovazzi said.
In the meantime, the lower impurity Mincor ore is regarded as an important part of the Nickel West blend as the re-born BHP entity faces a big decision on whether to replace its ageing Kalgoorlie nickel smelter.Mincor supplied 124,967 tonnes of nickel ore to Nickel West at an average grade of 1.81 per cent in the six months to December 31 and 1943 tonnes of nickel in concentrate, which generated $42.9 million in revenue.
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