Wyloo Consolidated Investments Pty Ltd (Wyloo) provides the following update in relation to its on-market takeover offer (the Offer) for all of the shares in Mincor Resources NL (ASX:MCR) (Mincor) that it does not already own.
As of close of trading on the ASX on Tuesday 4 July 2023, Wyloo has an interest and voting power in approximately 90.87% of Mincor.
The Offer period will end at the close of trading on the ASX today, Wednesday 5 July 2023. At this time, Wyloo will have a relevant interest in more than 90% of Mincor shares and will have acquired more than 75% of the Mincor shares that it offered to acquire under its Offer. Accordingly, Wyloo will then proceed to the compulsory acquisition of the remaining Mincor shares under the compulsory acquisition provisions of the Corporations Act 2001 (Cth) (Corporations Act).
Compulsory acquisition will be on the same terms as those offered by Wyloo under the Offer, which means that remaining shareholders will receive $1.40 cash per Mincor share.
Wyloo is a wholly-owned portfolio company of Tattarang. Tattarang Chairman Dr Andrew Forrest AO said the demand for critical minerals was going to grow exponentially as we raced to decarbonise the planet and that Wyloo, now a major supplier of critical minerals, would play a crucial role in meeting that demand.
“Wyloo has targeted nickel sulphides as they are the greenest and cheapest option for battery manufacturing: they have the best economics, can be processed into battery grade nickel with the lowest environmental footprint and are fully recyclable,” he said.
“We are going to give the market a choice between clean nickel and dirty nickel.”
Wyloo CEO Luca Giacovazzi said he is thrilled to have completed the acquisition of Mincor and was looking forward to combining the company’s assets with the rest of Wyloo’s nickel portfolio.
“The acquisition of Mincor turns Wyloo into a fully integrated nickel business that brings together high-grade nickel production from Kambalda with our planned downstream processing facility in Kwinana,” he said.
“The acquisition also complements our high-grade Eagle’s Nest nickel-copper-PGE project in Ontario and our exploration projects in Quebec.
“By adding Mincor to our portfolio, we’ve introduced a producing mine alongside our long-life development projects, with all our orebodies located in the tier one jurisdictions of Australia and Canada.”
