Billionaire Andrew Forrest has increased his hold on Mincor Resources as part of a big spending push into battery mineral and renewables assets.
after strengthening its stake in nickel producer Mincor Resources.
Any Forrest-funded takeover of Mincor could create headaches for BHP’s reborn Nickel West division, with the lower impurity Mincor ore seen as an important part of the BHP nickel blend. Mincor has forecast production of 8000-10,000 tonnes of nickel concentrate in 2022-23 after getting first ore out the new Cassini mine in March and celebrating the re-start of the Kambalda concentrator in May.Dr Forrest has made it clear he wants both his private company and ASX-listed iron ore giant Fortescue Metals Group to gain greater exposure to battery minerals like nickel.
Although BHP owns the Kambalda concentrator, Mincor has the dominant land package in the area and will use part of the funds from the latest raising to boost exploration around Cassini and the Northern operations, where it has high hopes of finding additional nickel mineralisation within its Golden Mile target area.as part of a joint venture.
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