Contract award, News, Nickel, Takeover bids

Mincor awards haulage contract to Kambalda

wyloo

Nickel producer Mincor Resources has awarded a haulage contract for its Kambalda nickel operations to Kooda Contracting.

Kooda Contracting is a haulage service company that supply bulk haulage earthmoving equipment. The company have locations in Kalgoorlie and Redmond, both in Western Australia.

The hauling contract will concern Mincor’s Kambalda nickel operations in WA, which saw its first ore processed through the Kambalda nickel concentrator owned and operated by BHP in June 2022.

As per the contract, Kooda Contracting will be responsible for carting and blending nickel ore from both of Mincor’s mining operations to the Kambalda nickel concentrator.

The contract has a term to December 31 2025 and is on usual commercial terms, with the objective of providing haulage services in a technically proficient, safe and environmentally friendly manner.

The news comes as Wyloo Metals recently extended its offer period to Mincor Resources for its on-market takeover bid for all its shares.

Wyloo’s offer period to close trading on the Australian Securities Exchange has been extended to May 22, unless the offer is further extended or withdrawn altogether.

Wyloo’s takeover offer to Mincor is worth $760 million, with a price of $1.40 per share, and is best and final and cannot be increased unless a superior proposal is received.

Mincor’s directors responded to Wyloo’s offer by unanimously recommending for its shareholders to accept Wyloo’s offer, in the absence of a superior proposal.

Wyloo’s acquisition of Mincor is just one of many acquisitions and mergers which took place during the 2023 March quarter, and it’s a trend that is carrying on into the 2023 June quarter with Newmont’s $26.2 billion takeover of Newcrest moving forward.

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