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.
Nevsun Resources Ltd. Mining News
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 country is said to be sitting on mineral deposits worth hundreds of billions of dollars which, once developed, could surpass oil as its main source of income.
Should foreigners who allege human rights abuses against a Canadian company operating in a foreign land have their case heard in a Canadian court?
The Vancouver-based miner has released an independent report that found no evidence of forced labour or human rights violations at its Eritrean gold and copper operation.
Media reports from East Africa on Saturday claimed that a gold mine partly owned by Canadian company Nevsun Resources (NYSE:NSU, TSX:NSU) was hit by Ethiopian fighter jets.
Nevsun Resources expands mineralization at its Harena copper-polymetallic deposit near the Bisha mine.
Winners were few and far between Friday, but punters couldn't resist Nevsun Resources stock after low-cost high-grade Eritrea mine delivered on all counts.
Nevsun Resources Ltd. (TSX:NSU)(NYSE Amex:NSU) is pleased to announce the revised reserve estimate for its Bisha mine in Eritrea. The revised estimate has increased the total proven and probable reserves to 28.3 million tonnes from the previously reported 20.1 million tonnes (2006 feasibility study). The net impact of higher throughputs and lower cut-off grade has resulted in an extended mine life of 13 years, while increasing previously reported robust cash flow.
Skire, a leading provider of capital program, facilities and project portfolio management software, notes that Nevsun Resources (gold and base metal resources) has completed its deployment of Skire UnifierTM for use in its $250 million Bisha project in Eritrea. Unifier will provide comprehensive cost, document and schedule management capabilities, as well as advanced reporting, for [...]