The tale of Noront Resources Inc. (Noront) (TSXV: NOT) is an important lesson for investing in mining. Currently, Noront is the midst of a hostile takeover bid. In May, Wyloo Metals Pty Ltd. (Wyloo) (ASX: WYL), an insider to Noront, offered to purchase all the shares from shareholders at C$0.325 a share. A couple of months later, mining behemoth BHP Billton (NYSE: BHP) offered C$0.55 a share. Wyloo countered with a C$0.70 offer, and BHP subsequently upped the bid to C$0.75 and this is where the battle stands. Most recently, however, it appears that Wyloo and BHP are in negotiations to settle the bidding war.