Another update from Euroz Hartleys
- Key points to note;
- BHP concentrate is mixed with MCR Concentrate to produce the saleable product. BHP concentrate has a low Fe:MgO ratio, which needs to be blended with MCR’s high Fe:MgO material to reach the correct specification.
- The bidding war between Wyloo and BHP took a few weeks to start. BHP is a slow-moving beast.
- MCR is the highest-grade Ni-focused producer on the ASX.
- IGO and Wyloo entered into an agreement in February 2022 to jointly evaluate opportunities for downstream Ni processing in Australia.
- The image below is of the bidding war timeline between BHP and Wyloo for Noront (Listed in Canada).
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- Wyloo’s initial bid was C$0.315/sh (a 31% premium to closing price previously). The final bid at C$1.10/sh after nearly a year-long bidding war with BHP.
- We have a Buy rating and $1.80/sh PT on MCR.
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Another update from Euroz Hartleys Key points to note; BHP...
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