Chinese gold miner Zijin Mining Group Co Ltd (601899.SS) (2899.HK) said it plans to sell up to 8 billion yuan ($1.16 billion) worth of new shares in Shanghai to help fund its purchase of Canada’s Nevsun Resources Ltd (NSU.TO).
Zijin aims to sell up to 3.4 billion A shares to investors in China, in a plan which is subject to shareholder and regulatory approval, the firm said in a filing to the Hong Kong bourse late on Tuesday.
Nevsun agreed last September to a C$1.86 billion ($1.37 billion) buyout bid by Zijin, in a deal that trumped an earlier hostile takeover offer by Lundin Mining Corp (LUN.TO).
Source: Reuters.com