Wyloo Metals makes bold bet on clean nickel
05 Jul 2023 - Wyloo Metals has finalised its $760 million takeover of Mincor Resources to secure its position in the global nickel supply chain.
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Mincor Resources NL (ASX: MCR) is an ASX-listed company focused on re-establishing sustainable, high-grade nickel production in the world-class Kambalda district of Western Australia.
The Company has a +300km2 land position in the Kambalda region, with a high quality nickel sulphide Resource and Reserve inventory and development-ready assets that are well placed to capitalise on the strong long-term nickel market outlook.
Building on a successful Definitive Feasibility Study (DFS) completed in March 2020, Mincor has a clear blueprint to return to nickel production, based on an integrated mining and production plan with relatively low capital intensity, low forecast operating costs and attractive financial returns.
05 Jul 2023 - Wyloo Metals has finalised its $760 million takeover of Mincor Resources to secure its position in the global nickel supply chain.
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In ASX news Monday, Twiggy Forrest's Wyloo is happy to sit tight for the moment on its Mincor bid, while Evolution Mining has given a further update on its problems at Ernest Henry.
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Mincor has revealed that BHP had refused a request to alter its nickel ore offtake agreement, throwing a big roadblock in the way of the company’s ambitions moving forward.
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Here are short updates on a couple of stories from earlier this week - the hacking of Latitude Financial Services and the on-market takeover bid of Mincor by Andrew Forrest's Wyloo Metals.
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After looking around overseas, Andrew Forrest’s Wyloo Group has returned to Australia to make its first big deal in minerals with a $760m takeover bid for Mincor Resources.
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The $2.10 target price and Neutral rating are maintained.
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Mincor Resources has confirmed the existence of ore grade mineralisation at Cassini North, considered encouraging by Macquarie who believes both Cassini North and Cassini offer upside risk through exploration success which could imply mine life extensions.
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Mincor Resources has completed a $60m capital raising and share purchase plan which has boosted its cash reserves to over $100m. The company, once a debt facility is secured, will now have more than enough to cover the funding requirements for full production.
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