BHP announces it will not match Wyloos proposal to acquire Noront
Melbourne, Victoria December 21, 2021 BHP Lonsdale Investments Pty Ltd (BHP Lonsdale), a wholly owned
subsidiary of BHP, today announced that it will not increase or extend its offer for Noront Resources Ltd. (Noront).
BHP Chief
Development Officer, Johan van Jaarsveld, said: BHP is committed to its strict capital discipline framework. While the Eagles Nest deposit is a promising resource, we do not see adequate long-term value for BHP shareholders to support an
increase in BHPs offer in order to match the C$1.10 per share proposal from Wyloo Metals Pty Ltd.
The Noront board of directors has
determined that the proposal from Wyloo Metals Pty Ltd (Wyloo) to acquire up to 100% of the shares of Noront for C$1.10 in cash per share is a superior proposal under the support agreement between Noront, BHP Lonsdale
and BHP Western Mining Resources International Pty Ltd, and as a result BHP Lonsdale has a right to match Wyloos proposal. BHP Lonsdale has determined it will not match Wyloos proposal.
About BHP
BHP is a world-leading global resources
company. We extract and process minerals, oil and gas, with more than 80,000 employees and contractors, primarily in Australia and the Americas. Our products are sold worldwide, with sales and marketing led through Singapore and Houston, United
States. Our global headquarters are in Melbourne, Australia. Our Potash head office is in Saskatoon and our head office for metals exploration is in Toronto.
Our corporate purpose is to bring people and resources together to build a better world. Our strategy is to deliver long-term value and returns through the
cycle. We aim to do this through owning a portfolio of world class assets with exposure to highly attractive commodities that benefit from the mega-trends playing out in the world around us, by operating them exceptionally well, by maintaining a
disciplined approach to capital allocation and through being industry leaders in sustainability and the creation of social value.
BHP has a strong
track record in Canada
BHP has a strong track record of mining development and investment in Canada over several decades. We have invested in
diamonds, potash, exploration, Carbon Capture and Storage (CCS) research, and in environmental preservation through the BHP Foundation in Canadas boreal forest. We have built strong relationships with communities and stakeholders throughout
our history in Canada. Earlier this year, BHP approved US$5.7 billion in investment for its Jansen project, for what stands to be one of the worlds largest, most modern potash mines and a significant economic driver for Saskatchewan.
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