TORONTO — Noront Resources, the biggest stakeholder in the Ring of Fire mineral zone, has agreed to a takeover by Australian mining giant Wyloo Metals.
Australia's BHP Group has five business days to match Wyloo's offer of $1.10 per share.
Wyloo, which is already Noront's largest shareholder, is offering 35 cents more more per share than BHP's last proposal.
Noront's Eagle's Nest nickel, copper and palladium deposit is its principal asset in the Ring of Fire.
Wyloo's new offer gives Noront a value of $617 million.
