Hi - Rachel Pupazzoni jumping in with a little update on the Wyloo Metals bid for Mincor Resources.

You might remember two weeks ago, Andrew Forrest's private mining firm, Wyloo announced it wanted to buy Mincor, a nickel miner in Western Australia.

It was offering Mincor shareholders $1.40 a share.

Wyloo already owns just shy of 20 per cent of Mincor.

It made me, and other observers, wonder if it could be the start of a bidding war for Mincor shares.

Mincor supplies BHP Nickel West with nickel, so maybe they would be interested in a takeover.

While miner IGO is also a big player in the nickel scene, maybe they'd be interested too.

I wondered if we were about to see three competing offers?

Well, there's been a development that might put all that to rest.

Last week, Mincor notified the market some of the nickel it had recently supplied BHP Nickel West wasn't up to par.

The update on March 30 stated:

"During the ramp-up period, Mincor has delivered off-specification product.

Whilst BHP has been accepting off-specification product, both parties have been working together to explore and trial methods to better manage off-specification product going forward.

This work remains ongoing."

Today, Wyloo Metals confirmed it had no idea about the fall in ore quality Mincor supplied BHP Nickel West.

It hasn't pulled the offer to buy the junior miner, but its $1.40 a share offer will not be improved.

"Wyloo notes Mincor's Operations and Guidance Update announced to the Australian Securities Exchange on 30 March 2023, and confirms that it was unaware of the material information contained within that announcement.

As a result of these developments, Wyloo has determined that the current offer price of $1.40 per share is best and final and will not be increased, in the absence of a competing proposal."

Wyloo's $760 million dollar offer for Mincor, is as good as it'll get.

Mincor shares are currently trading about $1.40.