The Chinese are not stopping, Bor is not enough for them
The Chinese Zijin Mining Group has offered to take over Nevsun Resources, the mining company that is developing the Cukaru Peki copper site project in Bor and the Bisha mine in Eritrea, Nevsun said today.
Both parties signed an agreement under which Zijin will make an offer for the takeover of all the emitted Nevsun shares at a price of 6 Canadian dollars per share, thus the total offer is worth 1.88 billion Canadian dollars (US$1.41 billion) and it will be submitted by 18 September at the latest.
Nevsun is a leading medium-sized company engaged in the processing of heavy metals, and it operates in Serbia through the Rakita Exploration company, and it is currently implementing the project Cukaru Peki in Bor, the world-class copper site in Serbia, which is of exceptional value and potential for Serbia, the statement says.
The Board of Directors of Nevsun unanimously recommended to the company’s shareholders to accept Zijin’s offer and reject the hostile takeover offer submitted by Lundin, which expires on 9 November.
Zijin’s offer is conditioned by the minimum requirement for the purchase of 66% of Nevsun shares.