Mining

Zijin Mining to buy Nevsun Resources' shares

Wednesday, 05 September 2018 16:48

Today September 05, 2018, Nevsun Resources which owns shares in Bisha zinc and copper mine in Eritrea, announces that it struck a deal with Zijin Mining. Under that agreement, the Chinese mining company Zijin Mining, will buy Nevsun Resources’ outstanding shares at CAD6 each. The overall amount of this transaction is estimated at CAD1.86 billion ($1.41 billion).

The offer submitted by Zijin is 26% higher than the hostile bid of CAD4.75 per shares submitted by Lundin Mining in July 2018. Nevsun’s administrative board suggested its shareholders should reject Lundin’s offer and agree for Zijin’s.

Zijin is a proven mining industry operator with a US$10 billion market capitalization and a demonstrated track record of successfully completing international transactions. The Board unanimously recommends that Nevsun shareholders tender their shares to accept this offer and receive the significant value that it represents”, Ian Pearce, president of Nevsun’s administrative board said in a press release published on the company’s website.

Nevsun Resources Ltd owns 60% of the 121 kilometers long Bisha mine, located 150 km West Asmara and ranked among the major open pit high-grade copper mine in the world.

Louis-Nino Kansoun

On the same topic
• Mailo solar plant begins feeding 25 MW into Zambia’s grid, part of a 110 MW project.• Zambia aims for 50% electricity access by 2030 with 1,000 MW of...
• ENGIE installs 15 mini-grids with 1.4 MW capacity in three Nigerian states.• Project aims to cut diesel use and reduce CO₂ emissions by 33,000 tonnes.•...
• Pipeline resumes crude flows after May 24 leak halted supply.• Repairs highlight Libya’s urgent need to modernize 1960s-era pipelines.• NOC...
• Sante Fe Minerals signs deal to acquire Eburnea gold project from Turaco Gold.• Transaction gives Sante Fe full or majority stakes in Satama and Bouaké...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
03

• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...

Burkina Faso: Vista Group Acquires Controlling Stake in Société Générale
04

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
05

• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to b...

William Ruto in London: New Agreement Aims to Double Kenya-UK Trade by 2030
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.