Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Canadian copper and nickel miner Noront Resources has reiterated its support for BHP’s offer to buy the company.


In a statement issued on Friday, Noront said that it remained interested in BHP’s all-cash offer for the company and was recommending it to its shareholders. The statement was a response to a recent announcement by Wyloo Metals, Noront’s largest shareholders, withdrawing its support for the purchase.


On its part, Noront clarified that the purchase can be completed regardless of whether Wyloo tenders its shares to the offer since the transaction can be finalized if the company can deliver more than 50pc of the shares to BHP.


Noront’s main assets are its reserves in the Ring of Fire region of northern Ontario, including the nickel-copper deposit called Eagle’s Nest, which is expected to produce 3,000mt/day of ore and 150,000mt of nickel concentrate annually. The offer to buy Noront was made by BHP in July as the global mining conglomerate looks to strengthen its market for electric vehicle battery metals.

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