Noront said Friday in a statement that its board continues to recommend that shareholders accept BHP’s cash offer.

Forrest's move follows a takeover attempt by his Wyloo Metals for Canadian nickel-copper miner Noront Resources Ltd where he's up against BHP.

Newcrest expects to begin the early works program for the expansion by the end of this year.

It's likely that this deal signals that the era of paying premiums to acquire oil and gas assets is over.

Underlying profit was $1.16 billion for the 12 months to June 30, compared with $647 million a year earlier.

Buoyed by the strong gold price, exploration and production continue to rise.

The proposed changes include much heftier fines for damage to Aboriginal heritage and a focus on agreement-making between developers and traditional owners.