BHP Lonsdale Progressing In Discussions With Wyloo Metals

MELBOURNE – BHP Lonsdale Investments Pty Ltd, a wholly-owned subsidiary of BHP, is progressing discussions with Wyloo Metals Pty Ltd regarding Wyloo Metals’ potential support of BHP’s offer to acquire Noront Resources Ltd. To allow more time for those discussions to progress, BHP is extending the expiry of its offer.

In conjunction with the extension of the expiry time, BHP Lonsdale and Noront also announced that they have amended the Support Agreement between BHP Lonsdale, its subsidiary BHP Western Mining Resources International Pty Ltd and Noront relating to Noront’s support of the Offer in order to extend the outside date in that agreement. The Outside Date is relevant because, among other things, if the Offeror has not acquired shares under the Offer by the Outside Date, both Noront and the Offeror become permitted to terminate the Support Agreement.

While BHP and Wyloo Metals are considering a mutually beneficial arrangement regarding the acquisition of Noront by BHP, there is no assurance that any agreement will be reached between BHP and Wyloo Metals.