Chinese company Zijin Mining Group successful in takeover of Nevsun Resources

Chinese company Zijin Mining Group successful in takeover of Nevsun Resources

VANCOUVER — Nevsun Resources Ltd. says Chinese company Zijin Mining Group Co. Ltd. has been successful in its $1.86-billion friendly takeover offer for the company.

The companies say about 89.37 per cent of the total issued and outstanding Nevsun shares on a fully diluted basis were tendered to the offer of $6 per share in cash by the Dec. 28 deadline.

The offer has now been extended until Jan. 7 to allow the remaining shareholders to tender their shares.

In August, Nevsun rejected a bid by the Toronto-based Lundin Mining Corp.

Nevsun has a copper-gold project in Serbia and a 60 per cent stake in the copper-zinc Bisha Mine in Eritrea.

Shares in Nevsun closed at $5.95 on the Toronto Stock Exchange on Friday.

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