ME home
 
  SME FaceBook SME Twitter SME LinkedIn RSS Feed

Subscriber or
SME Member Log On

WEB-ONLY CONTENT

Go to SME eNEWS

MINING INDUSTRY EVENTS

11th International Mine Ventilation Congress  - Conference
Sep 14, 2018 - Sep 20, 2018
XXIX International Mineral Processing Congress  - Conference
Sep 15, 2018 - Sep 21, 2018
SEG 2018: Metals, Minerals and Society  - Conference
Sep 22, 2018 - Sep 25, 2018
14th Symposium of Continuous Surface Mining  - Conference
Sep 23, 2018 - Sep 26, 2018

METAL PRICES


Au
Ag
Pt
Pd
Ni
Cu
Al
Pb

AGGREGATES
AND MINERALS
MARKETPLACE


http://aggregatesmineralsmarketplace.com
The Mining Engineering, SME and NSSGA
Online Buyers Directory Site
The Online Global Mining and Minerals Library Site

Zijin Mining to buy Nevsun for about $1.8 billion
September 5, 2018

The global race for copper reserves continues as China’s Zijin Mining has agreed to pay about $1.8 billion to acquire Canada’s Nevsun.

Reuters reported that Zijin Mining, which specializes in gold, copper and zinc, will offer C$6.00 per share in cash for Nevsun, the companies said, representing a premium of about 21 percent to Nevsun’s close in Toronto on Sept. 4.

Zijin Mining beat out Lundin which took its all-cash offer of C$4.75 per share directly to Nevsun shareholders on July 26, after its five previous proposals were rejected by the company.

After rejecting Lundin’s offer, Nevsun said in August it had entered into confidentiality agreements with 18 interested parties, and had received four proposals from mining and smelting companies, indicating their willingness to purchase up to a 19.9 percent stake in Nevsun.

Zijin’s offer is subject to a minimum tender requirement of two-thirds of Nevsun’s shares, they said.

Zijin will have to pay a termination fee of $50 million to Nevsun in certain circumstances, including failure to receive approval from Chinese authorities, according to the statement.

Zijin will be eligible for a termination payment of $50 million if Nevsun accepts a superior offer.

BMO Capital Markets advised Nevsun on the deal, while Morgan Stanley advised Zijin.

Nevsun shares on the Toronto exchange are up nearly 30 percent since Lundin made its offer public on May 7.
 

Related article search: