Zijin’s bid for Nevsun jumps two regulatory hurdles
The $1.41-billion friendly takeover of Nevsun by Zijin Mining has cleared two regulatory hurdles – one in China and the other in Canada.
The Canadian firm, which has assets in Serbia and Eritrea, reported on Wednesday that the takeover had received approval from China’s National Development and Reform Commission (NDRC), and that it had received Canadian Competition Act clearance.
The NDRC approval is one of three required regulatory approvals from China, with the others being a nod from the Ministry of Commerce (Mofcom) and the State Administration of Foreign Exchange (Safe).
A decision from Mofcom is pending and Zijin still has to submit its application to Safe.
The C$6-a-share takeover offer from Zijin helped Nevsun to ward off a hostile C$4.5-a-share bid from rival Lundin Mining.
The transaction is also subject to approval under the Investment Canada Act and customary closing conditions.
Nevsun is the 100% owner of the high-grade copper/gold Timok Upper Zone and 60.4% owner of the Timok Lower Zone in Serbia. The Timok Lower Zone is a joint venture with Freeport-McMoRan, which currently owns 39.6% and upon completion of any feasibility study, Nevsun will own 46% and Freeport will own 54%.
Nevsun generates cash flow from its 60% owned copper/zinc Bisha mine, in Eritrea.
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