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Zijin acquires 89.37% stake in Nevsun, extends offer period

Zijin Mining Group Co. Ltd. said Dec. 28 that it holds 89.37% of all issued and outstanding shares of Nevsun Resources Ltd., satisfying the minimum tender requirement.

In September, Nevsun agreed to Zijin's C$6.00-per-share all-cash takeover bid, valuing the Canadian miner at C$1.86 billion.

The Chinese miner is extending the period for Nevsun shareholders to tender the company shares by Jan. 7, 2019. If Zijin is successful in acquiring 90% of Nevsun shares, it will move for compulsory acquisition of the company.

The Nevsun board reiterated its recommendation for shareholders to accept the Zijin offer.