Mincor Resources (ASX: MCR), an Australian mining company, has provided an operational update and emphasised the importance of shareholders considering Wyloo Consolidated Investments’ takeover offer.
The offer, which has recently been extended until July 5, 2023, provides shareholders with additional time to evaluate the terms and benefits before making a decision.
Mincor’s Kambalda Nickel Operations continue to perform exceptionally well, surpassing initial expectations.
The company is on track to achieve nameplate mining rates in May 2023, earlier than planned.
For the June quarter to date, Mincor has produced 1,839t of nickel-in-concentrate, bringing the year-to-date production to 5,16t.
The total ore mined stands at 97,867t for the June quarter and 306,917t year-to-date, demonstrating the company’s strong operational performance.
In terms of financials, Mincor Resources maintains a healthy cash balance of $42.1m as of May 26, 2023.
The company has successfully hedged 1,130 nickel/t of future production as of April 30, 2023, under the mandatory hedge program.
Amidst these positive updates, the focus remains on the ongoing takeover offer made by Wyloo Consolidated Investments, a subsidiary of Wyloo Metals Pty Ltd.
Wyloo’s offer, initially set to expire on May 22, 2023, has been extended until July 5, 2023, providing shareholders with additional time to evaluate the offer’s terms and implications.
With Wyloo currently holding a majority ownership stake of 72.77% in Mincor, the likelihood of a competing proposal emerging is low.
Mincor’s board of directors continues to unanimously recommend that shareholders accept Wyloo’s offer, emphasising the potential benefits for all parties involved.
Shareholders who wish to accept the offer can do so by placing a sell order on-market at the offer price of $1.40 per share.
