Chinese and Canadian authorities have approved the Zijin's bid to buy Nevsun Resources.
Lundin Mining Mining News
The asset, discovered in 2006, is expected to produce to 4.6 million ounces of gold over a 15 year mine life. That’s 73,000 ounces more than what was indicated in the previous estimate.
Canada's Lundin Mining Corp is on the hunt for copper mines and projects and willing to spend up to $3 billion on mergers and acquisitions.
Toronto-based miner said it doesn’t intend to amend any of the terms of its bid for Nevsun, but noted it would continue to pursue strategic growth opportunities.
The Chinese gold and base metals producer will give Nevsun Cdn$6 per share in cash, trumping Lundin’s C$4.75 a share bid launched in July.
Canadian miner Nevsun Resources Ltd on Thursday urged its shareholders to reject a hostile C$1.4 billion ($1.07 billion) offer from rival Lundin Mining Corp.
Lundin Mining Corp launched a hostile takeover bid for fellow Canadian base metals miner Nevsun Resources Ltd on Thursday, saying it had failed to convince Nevsun's board to agree to a friendly deal over the past nine months.
The base metals producer said that, while it has not yet received a formal offer from Lundin, the bid announced Monday the bid ignores the fundamental value of the company and its assets.
Decision gives 18 months more than planned to the operation, which would result in additional production of 470 million pounds of zinc and 52 million pounds of copper during that period.
Lundin Mining's board of directors, chaired by billionaire resources tycoon Lukas Lundin, refuses to invest in Eritrea.
Nevsun, who declined the offer for the fourth time, said the proposal undervalued its Timok copper-gold project in Serbia and that junior Euro Sun was “not an attractive partner”.
Lundin has been developing Fruta del Norte for over a year, following an agreement with Ecuador’s government allowing the miner to move ahead with the gold project, the country's biggest.
Copper ‘might be the easiest asset to work with:’ Lukas Lundin.
Having climbed almost 64% since the start of the year, investor sentiment towards SolGold appears to be quite positive.
The placing is at a 15% premium to SolGold's closing price on Thursday and at a 12% discount to its peak share price of 46.75p on May 26.
Experts believe the value of the nation's dawning industry is set to jump from $1.1bn this year to $7.9bn in 2021 on a combination of revised regulatory framework and significant gold and copper reserves.
The country expects mining investments to increase 360% in the next four years compared to the 2013-2016 period as it has already granted 160 of the 420 explorations licences it put out to tender in July.
The project, discovered in 2006, is one of the world’s biggest recent gold findings, with reserves estimated at about 4.8 million ounces of gold and 6.3 million ounces of silver.
Following $1.1 billion Congo mine sale Toronto-based copper-zinc miner announces inaugural dividend and strong operational forecast.
Gecamines claims it has pre-emptive rights to buy the stake as owner of the country’s mining titles.
Canada’s Lundin, which owns 24% of Tenke, has finally agreed to sell its stake to a private equity firm from Asia’s richest nation.
Ecuador began last month granting licences for new exploration areas, with over 300 of them to be awarded by the year-end.
DRC prime minister throws weight behind Chinese buyers of Freeport's controlling stake in Tenke Fungurume.
The Congo mine, which cost $3 billion to build, holds one of the world’s largest known copper resources.
Toronto miner has first dibs on controlling share of Tenke Fungurume which if contemplated expansion goes ahead would catapult mine into global top 5.