China\u2019s No.1 gold producer Zijin Mining plans to issue 8 billion yuan (about $1.2 billion) worth of shares in Shanghai to finance the acquisition of Canada\u2019s Nevsun Resources (TSX, NYSEMKT:NSU), the biggest overseas purchase since the Beijing-backed miner went public in Hong Kong in 2003.<\/p>\n
Zijin aims to sell up to 3.4 billion A shares to investors in China, in a plan which is subject to shareholder and regulatory approval, it said in a filing to the Hong Kong bourse<\/a>.<\/p>\n The news comes only days after Nevsun announced Zijin had succeeded in its $1.86-billion friendly takeover bid<\/a> for the company, with about 89.37% of the total issued and outstanding Nevsun shares tendered to the offer of $6 per share in cash by the Dec. 28 deadline.<\/p>\n The offer has now been extended until Jan. 7 to allow the remaining shareholders to tender their shares.<\/p>\n In recent years, the Chinese gold, copper and zinc miner\u00a0has been expanding its footprint by acquiring assets from Africa to Australia.<\/p>\n Last summer, it spent $1.26B for a 63% in Serbia\u2019s largest copper mining and smelting<\/a>\u00a0complex RTB Bor. A few days later, it trumped Lundin Mining\u2019s\u00a0(TSX:LUN) earlier hostile bid<\/a> for Nevsun, gaining access to yet another Serbian asset \u2014 Timok copper and gold project. With the move, it also secured ownership of the Vancouver-based miner\u2019s flagship operation, the Bisha copper-zinc mine in Eritrea.<\/p>\n Zijin has said the Canadian company\u2019s copper resource will account for 26.2% of its current copper reserves, 18.3% of its present gold reserves and 24% of its zinc reserves.<\/p>\n The post China\u2019s Zijin plans selling $1.2B worth of shares to fund Nevsun takeover<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" China’s No.1 gold miners aims to sell up to 3.4 billion A shares to investors, a plan which is subject to shareholder and regulatory approval.<\/p>\n The post China’s Zijin plans selling $1.2B worth of shares to fund Nevsun takeover<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[862,404,369,863,864],"tags":[25,30,33,48],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1092230"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1092230"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1092230\/revisions"}],"predecessor-version":[{"id":1092296,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1092230\/revisions\/1092296"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1092230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1092230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1092230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Zijin aims to sell up to 3.4 billion A shares to investors in China, a plan subject to shareholder and regulatory approval<\/q><\/p>\n