PERTH (miningweekly.com) – Suitor Wyloo on Monday announced that it would not be increasing its A$1.40-a-share offer for nickel miner Mincor Resources, after Mincor last week withdrew its production guidance after failing to come to an agreement with major BHP regarding the acceptance of off-specification product.
Mincor initially urged shareholders not to take any action on the Wyloo offer, saying shareholders who accepted the A$1.40-a-share offer would be unable to capitalise on a higher offer price.
However, Wyloo on Monday said that it had been unaware of Mincor’s struggles to reach specification during the ramp-up of production, and as a result, would not increase its offer price.
Wyloo currently holds a 19.9% interest in Mincor.