Forrest’s Nickel Battle with BHP Heats Up with Mincor Resources Bid

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    Australian mining magnate Andrew Forrest launched an AUD$760 million takeover bid for Mincor Resources, 35 per cent above Mincor’s closing price on Mo
    [See the full post at: Forrest’s Nickel Battle with BHP Heats Up with Mincor Resources Bid]


    Battery minerals producer IGO leapt 5.8 per cent to $13.49 Friday

    After getting the green light from Western Australia’s government for a battery facility. IGO and Andrew Forrest’s private company, Wyloo Metals, are working together on a study into building downstream nickel processing in the Kwinana industrial precinct south of Perth.


    Mining magnate Andrew Forres’s Wyloo has seized control of ASX-listed nickel miner Mincor Resources, fortifying his position as a key critical minerals’ producer. Wyloo has increased its interest and voting power in Mincor to about 90.87 per cent, allowing it to compulsorily acquire any remaining shares it doesn’t own and take the company off the Australian bourse.

    Wyloo is wholly owned by Andrew and Nicola Forrest’s private investment group Tattarang

    It has steadily increased its stake in Mincor since launching an on-market takeover offer at $1.40 cash per share. The company said it gained majority control by close of trade on Tuesday, allowing it to mop up any remaining stock. Mincor shares flatlined on Wednesday giving it a market capitalization around $760 million.

    “Compulsory acquisition will be on the same terms as those offered by Wyloo under the offer, which means that remaining shareholders will receive $1.40 cash per Mincor share,” the company said.

    Critical minerals – elements such as cobalt, magnesium and lithium – are vulnerable to supply disruptions but deemed essential for defence applications or moving the economy away from its dependence on polluting fossil fuels.

    Many rare earths and minerals are produced or mined in China, giving it a stranglehold that is causing alarm among Western governments who are seeking to shore up their own supplies.

    Wyloo’s chief executive, Luca Giacovazzi, said Mincor’s acquisition turns Wyloo into a fully integrated nickel business, bringing together high-grade nickel production from Mincor’s Kambalda project in Western Australia with Wyloo’s planned integrated battery material processing facility in Kwinana. Kambalda is one of the world’s most prolific nickel sulphide regions.

    “The acquisition also complements our high-grade Eagle’s Nest nickel-copper-platinum metals project in Ontario and our exploration projects in Quebec,” Giacovazzi said.

    “By adding Mincor to our portfolio, we’ve introduced a producing mine alongside our long-life development projects, with all our ore bodies located in the tier-one jurisdictions of Australia and Canada,” Giacovazzi said.

    The biggest shareholders left on Mincor’s register at the offer’s end were international fund managers Blackrock, State Street, Vanguard, Norges, Wilson and Tribeca. Together, they held nearly 10 per cent of the stock.

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