Wyloo Metals to acquire Mincor Resources
Wyloo Metals, owned by Australian billionaire Andrew Forrest, has secured control of nickel and gold explorer Mincor Resources.
Offering A$1.40 per share of Mincor, a 35% premium to the closing price prior to the offer, the company launched a bid to acquire the Australian company in March. The arrangement esteems the organisation at A$760 million ($510 million) on a completely weakened premise.
Wyloo already owned nearly 20% of Mincor prior to the takeover offer.
Instead of waiting for board approval, Mincor shareholders can sell their shares to Wyloo directly on the market, without conditions.
Wyloo Metals, like the majority of major miners, wants to ensure a consistent supply of metals like nickel, copper, and platinum group metals, which are regarded as essential for a greener economy.
The Kambalda district in Western Australia serves as the focal point of Mincor's nickel operations. The flagship Cassini nickel mine, a greenfields discovery to the south, is currently part of its Kambalda nickel operations, as are the Long and Otter Juan/Durkin North mines in its northern operations.
Mincor combines ore from both its northern and southern operations to deliver a blended product to BHP’s nearby Kambalda nickel concentrator.
Mincor reiterated its recommendation to shareholders to accept Wyloo’s bid, which is scheduled to close on May 8.
