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BHP Lonsdale, a wholly-owned subsidiary of BHP, is making an offer of 55 cents a share to take ownership of the Toronto-based mining company. Noront wants to develop the Ring of Fire in northwestern Ontario. The company plans to develop a ferrochrome smelter in Sault Ste. Marie.
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BHP makes cash offer for Noront Resources, leading Ring of Fire company Back to video
The offer is nearly a 70 per cent premium for Noront’s shares that closed at 32 cents on Monday.
Noront’s board, senior management and a major shareholder who hold about 10 per cent of the company’s shares have agreed to tender their shares.