Noront s board is recommending shareholders accept BHP s offer. Noront chief executive Alan Coutts says the all-cash offer provides immediate and certain value for shareholders.
Coutts says BHP also has the financial strength and global mining expertise to advance Noront s highly prospective Eagle s Nest project. Eagle s Nest is a proposed nickel, copper and platinum mine in the Ring of Fire region of northern Ontario.
BHP says Eagle s Nest provides a platform to develop further opportunities in the Ring of Fire region. BHP says it plans to develop partnerships with First Nations, governments and local communities in the region.
The Ring of Fire region in northern Ontario holds some of the world s richest deposits of chromite, nickel, copper and platinum. The region s resource deposits are valued at anywhere from $30-billion to $60-billion.
Suncor Energy Inc. (TSX:SU). Energy. Down $1.10 or 4.12 per cent, to 25.62 on 7.8 million shares.
Bank of Montreal (TSX:BMO). Financials. Up 7 cents or 0.06 per cent, to $125.40 on 5.8 million shares.
Royal Bank of Canada (TSX:RY). Financials. Up 68 cents or 0.54 per cent, to $126.54 on 5.5 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Down one cent or 0.69 per cent to $1.43 on 4.1 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down 22 cents or 2.13 per cent, to $10.09 on 3.8 million shares.
Toronto-Dominion Bank. (TSX:TD). Financials. Up 40 cents, or 0.48 per cent, to $83.09 on 3 million shares.
Companies in the news:
Noront Resources Ltd. (TSXV:NOT) Up 23 cents or 69.23 per cent to 55 cents BHP has reached a deal to buy Noront Resources Ltd. for $325-million. BHP Lonsdale Investments Pty Ltd., a subsidiary of the Australian mining giant, says it will pay $0.55 per share for Norant. This represents a 69 per cent premium over the company s closing price
July 27, 2021 - 2:50 PM
TORONTO - Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,173.352, up 8.39 points.)
Suncor Energy Inc. (TSX:SU). Energy. Down $1.10 or 4.12 per cent, to 25.62 on 7.8 million shares.
Bank of Montreal (TSX:BMO). Financials. Up 7 cents or 0.06 per cent, to $125.40 on 5.8 million shares.
Royal Bank of Canada (TSX:RY). Financials. Up 68 cents or 0.54 per cent, to $126.54 on 5.5 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Down one cent or 0.69 per cent to $1.43 on 4.1 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down 22 cents or 2.13 per cent, to $10.09 on 3.8 million shares.
Toronto-Dominion Bank. (TSX:TD). Financials. Up 40 cents, or 0.48 per cent, to $83.09 on 3 million shares.
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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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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.
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