Canada’s Nevsun Resources (TSX, NYSEMKT:NSU) has found a new suitor in China’s state-backed Zijin Mining, which has offered Cdn$1.86 billion ($1.41 billion) for the gold and copper miner.
Zijin’s friendly takeover bid values each Nevsun share at Cdn$6, which will be paid in cash, representing a premium of about 21% to the Vancouver-based miner’s close in Toronto on Tuesday.
The deal, which beats an earlier hostile bid by Lundin Mining (TSX:LUN), is the latest move by Zijin to expand overseas. In recent years, the gold, copper and zinc miner has snatched assets from Africa to Australia. Last week, the company spent $1.26bn for a 63% in Serbia’s largest copper mining and smelting complex RTB Bor.
More to come…
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From:: Mining.com