China's Zijin will buy Canadian gold and copper miner Nevsun for C$1.86 billion ($1.41 billion), the companies announced Wednesday, as state-backed Zijin continues an acquisition streak abroad.

Zijin offered shareholders C$6.00 ($4.5) per share in the all-cash deal that comes after Nevsun rejected several bids from Canadian rival Lundin Mining.

"Zijin is a proven mining industry operator with a US$10 billion market capitalisation and a demonstrated track record of successfully completing international transactions," said Ian Pearce, chair of Nevsun's board.

"This premium transaction is an excellent outcome for our shareholders."

Zijin, based in the eastern province of Fujian, is a top global miner specialising in gold, copper and zinc and is listed on the Shanghai Stock Exchange.

"Nevsun is an exceptional operator, with a strong focus on safe, efficient and sustainable mining practises. As the new owner we will continue that focus," said its chairman Chen Jinghe.

Zijin intends to rapidly develop Nevsun's mining assets including those in Serbia, the companies said.

The deal builds on Zijin's position in Serbia after announcing last month that it would take over a debt-hit copper mine in the country with a $1.26 billion investment.

It marks the continued expansion of Beijing's economic footprint in the Balkans, which has raised concern in Brussels and Western Europe.

Related Links
Global Trade News

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

Deal on China-backed mega free trade pact likely in November: Singapore
Singapore (AFP) Sept 1, 2018
Broad agreement on what would be the world's biggest free trade deal is expected to be reached at a leaders' summit in Singapore in November, the city-state's trade minister said Saturday. The 16-nation Regional Comprehensive Economic Partnership (RCEP), which will cover about half the world's population and a third of its GDP, has taken centre stage as Washington embarks on a unilateral, protectionist agenda. The RCEP is backed by China and notably excludes the US, which had been leading anothe ... read more