Mincor Resources NL (ASX: MCR) has provided an update on its operational and financial activities, as well as the takeover offer made by Wyloo Consolidated Investments Pty Ltd. The company's nickel-in-concentrate production for the year to date is 5,161 tonnes, with nameplate mining rates on track to be achieved earlier than planned. Mincor has a cash balance of AU$42.1 million as of May 26, 2023. The directors of Mincor continue to recommend that shareholders accept Wyloo's offer, as Wyloo holds 72.77% of the shares and a competing proposal is unlikely.
Wyloo's offer is set to expire on July 5, 2023, and the company intends to seek delisting from the ASX if requirements are met. There are risks associated with rejecting the offer and remaining a minority shareholder. Mincor also provided updates on safety, production, stockpiled ore, cash at bank, financing facility, and hedging. If BNP Paribas requires repayment of all outstanding hedges, the estimated cost would be approximately AU$32 million, and Mincor would explore financing options in such a scenario.
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