Wyloo Metals Pty Ltd., a privately-held mining company owned by Australian billionaire Andrew Forrest, has secured control of nickel and gold explorer Mincor Resources (ASX: MCR) by locking in a 51.24% interest.
The company launched in March a bid to acquire the Australian junior in which it offered A$1.40 per share of Mincor, a 35% premium on the closing price previous to the offer. The deal values the company at A$760 million ($510 million) on a fully diluted basis.
As most top miners, Wyloo Metals wants to secure a steady supply of metals considered critical for a greener economy, such as nickel, copper and platinum group metals.
Mincor’s nickel operations are centred in the Kambalda district of Western Australia. Its Kambalda nickel operations currently comprise the flagship Cassini nickel mine, a greenfields discovery located to the south, and the northern operations, which comprise the Long and Otter Juan/Durkin North mines.
Mincor reiterated its recommendation to shareholders to accept Wyloo’s bid, which is scheduled to close on May 8.
