Australia's Wyloo bid for Canada's Noront shows battery metal scramble

A fight over Canadian nickel-copper miner Noront Resources shows the scramble for battery metals is accelerating, with global miners racing to secure supply ahead of an expected surge in demand from electric vehicles.

Wyloo Metals, a unit of Australian mining magnate Andrew Forrest's Tattarang investment group, plans an unsolicited bid for the remaining shares of the Canadian miner valuing Noront at C$133-million ($110 million), or C$0.315 per share. Wyloo is Noront's top shareholder, with a 23% stake as of December.

Noront adopted a poison pill and said it has yet to receive a formal offer. The company declined further comment.