Chinese exploration giant Zijin Mining (Shanghai:601899) (Hong Kong:2899) on Friday announced that it would buy all issued and outstanding shares of Nevsun Resources (NSU) in what both companies term as a “compulsory acquisition.”

As per the terms of the deal, all remaining Nevsun shareholders would receive consideration of 6 Canadian dollars (CAD) per share.

Zijin Mining Announces Compulsory Acquisition of Remaining Nevsun Resources Shares
Zijin is among China’s largest gold producers — it owns nearly 20 gold mines. (Courtesy: Zijin Mining)

“In order to receive payment for their Nevsun Shares, Remaining Shareholders must submit the letter of transmittal circulated with the Notice of Compulsory Acquisition along with all certificate(s) and/or DRS Statement(s) representing their Nevsun Shares to Computershare Trust Company of Canada. The Offeror intends to pay the cash consideration for the remaining Nevsun Shares on or about March 12, 2019. Remaining Shareholders are requested to complete and return the letter of transmittal before March 12, 2019,” read a Nevsun letter to shareholders.

Nevsun shares are expected to be delisted from the Toronto Stock Exchange and the New York Stock Exchange on or about March 8, 2019.

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