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Zijin Mining looking to raise 8B yuan for Nevsun acquisition

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Zijin Mining looking to raise 8B yuan for Nevsun acquisition

Zijin Mining Group Co. Ltd. plans to issue up to 3.40 billion A shares in a public offering to raise around 8 billion Chinese yuan, it said Jan. 1.

The shares will be offered with nominal value of 10 fen apiece to investors in China. The company will seek shareholder approval for the offering in an extraordinary general meeting.

The Chinese gold miner intends to use the proceeds to complete its acquisition of Nevsun Resources Ltd. 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.

As of Jan. 1, US$1 was equivalent to 6.88 Chinese yuan.