BHP won’t increase bid for Ring of Fire developer Noront Resources Ltd.

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TORONTO — Mining giant BHP says it will not increase or extend its offer for Noront Resources Ltd.

BHP Lonsdale Investments Pty Ltd., a subsidiary of BHP, has been in a takeover fight for Noront with Wyloo Metals Pty Ltd.

Earlier this month, Australia-based Wyloo offered $1.10 per share for the shares of Noront it does not already own, topping BHP’s offer of 75 cents per share.

BHP says it will not match the Wyloo offer, as it doesn’t see adequate long-term value for BHP shareholders to support an increased bid.

Noront’s board of directors said Tuesday its board has decided to back the Wyloo bid, which it calls a “superior proposal.”

Noront is developing several projects in the Ring of Fire region in northern Ontario.

Companies in this story: (TSX:NOT.V)