News: MCR UPDATE 1-Wyloo Metals offers to buy Australia's Mincor Resources

(Adds offer details, background)

March 21 (Reuters) - Australian billionaire Andrew Forrest-backed Wyloo Metals said on Tuesday its unit offered to buy all the shares of Mincor Resources (MCR) it does not already own, valuing the nickel miner at A$750.3 million ($504.05 million).

The unit plans to buy Mincor shares at A$1.40 cash apiece as part of the offer, Wyloo said. The offer price represents a 34.6% premium to Mincor's last close.

The offer from Wyloo, which already owns a 19.9% stake in Mincor, comes amid an increasing number of deals for nickel assets, a key battery metal used in electric vehicles.

($1 = 1.4885 Australian dollars)