ASX-listed nickel explorer Mincor Resources made a push for Western Areas but backed out.
Perth’s Mincor Resources has been trying to get in on Western Australia’s nickel consolidation, lurking in the shadows at bigger neighbour Western Areas.Street Talk understands Mincor Resources approached Western Areas with a scrip-based proposal to combine the two businesses late last year, trying to bust up the blooming romance between Western Areas and IGO Ltd.
Forrest’s obviously got the means to try and buy Western Areas, but it’s doubtful that he has the appetite given the price tag of over $1 billion.Hoping for another bidMincor is the smaller of the two nickel miners with an $830 million market capitalisation. It’s run by David Southam who crossed over from Western Areas, where he was an executive director.
That would have made a competing bid for Western Areas a bit icky, although as one analyst pointed out IGO doesn’t have a board seat at Mincor despite the shareholding.The shareholder vote is due in April.
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