Chinese and Canadian authorities have approved the Zijin's bid to buy Nevsun Resources.
Nevsun Resources Mining News
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.
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”.
Eritreans' case against Nevsun likely to proceed in Canada.
Drilling results from Vancouver-based company's super high-grade Timok copper-gold project lifts market value to within sight of US$1 billion.
Vancouver-based miner ships first zinc concentrate from flagship Bisha mine in Eritrea which started life as a gold-silver project in 2010.
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.
We lost nearly everyone on that journey which began so optimistically—and naively.
Nevsun Resources faces rumours of $1 billion acquisition and civil suit on same day.