Wyloo Metals, the privately held battery resources unit of Australia iron ore baron Andrew Forrest, sees room to grow in nickel as it closes out its A$750.3 million ($501.4 million) buyout of miner Mincor Resources (MCR.AX), its CEO said.
Wyloo has breached the 90% holding in Mincor for compulsory acquisition, it said in a recent statement , and the takeover is expected to be sealed in coming weeks.
A key attraction for the buyout is Mincor’s Cassini nickel sulphide deposit in Western Australia’s Kambalda region that raises Wyloo’s Australian exposure to the battery material.
The Kambalda nickel mining district was pegged out decades ago by Western Mining Corp, an Australian mining behomoth that was acquired by BHP Group (BHP.AX) in 2005. The region is now home to several operators.
We do like the idea of bringing it back together,” Wyloo CEO Luca Giacovazzi said of the prospect of consolidating the district. “Do we have appetite to do more deals? I’m always going to answer the same way: Yes.”
