FP/wire say BHP Group bows out of fight for Noront

2021-12-22 07:52 ET - In the News

The Financial Post reports in its Wednesday, Dec. 22, edition that a fight for Canadian nickel miner Noront Resources between BHP Group and Australian mining magnate Andrew Forrest may finally be ending. A Reuters dispatch to the Post reports that BHP said it will not match a proposal from Mr. Forrest's Wyloo Metals for Noront Resources, a miner with access to high-grade Canadian nickel deposits in an untapped region of Northern Ontario dubbed the Ring of Fire. Mining heavyweights are racing to control more supplies of raw materials that are key to transitioning to low-carbon energy sources. Nickel is one of the main metals used in lithium-ion batteries for electric vehicles. Wyloo reignited a bidding war with BHP for Noront after the two parties engaged in talks to resolve the battle last month. The latest proposal of $1.10 per share from Wyloo, already a majority shareholder in the Canadian firm, trumped BHP'S bid of 75 cents.