Mining Magnate Parrying BHP Bid Expands Stake in Nickel Miner
Mining Magnate Parrying BHP Bid Expands Stake in Nickel Miner
(Bloomberg) -- A bidding war for a small Canadian nickel miner is showing no signs of cooling as its largest shareholder, Australian mining magnate Andrew Forrest, took a formal step to increase ownership.
Forrest’s Wyloo Metals Pty Ltd. said it notified Noront Resources Ltd. to swap its $15 million convertible loan for common shares of Noront. That will increase Wyloo’s equity ownership to about 37.3% from 24.2%, according to a statement Wednesday.
Mining heavyweight are racing to control more supplies of raw materials that are key to the transition to low-carbon energy sources. Noront has been developing one of Canada’s largest potential mineral reserves, in a largely untapped northern Ontario region dubbed the Ring of Fire. Nickel is one of the key metals used in batteries for electric vehicles.
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