Eritrea, Ethiopia, China: $1bn+ for Nevsun affirms detente
- September 5, 2018
- - 4:22 pm
Summary The $1.4 billion friendly takeover by China’s Zijin Mining Group of Nevsun Resources will provide a significant boost to copper-zinc mining in Eritrea. The acquisition was empowered by the unfolding detente between Eritrea and Ethiopia, and reflects effectively a $400 million peace dividend since detente was initiated. Analysis The Canadian mid-tier mining company Nevsun Resources announced September 5 it is to be acquired by China’s Zijin Mining Group company for C$6 per share in a transaction valued at C$1.86 billion ($1.41 billion USD). Nevsun operates the copper-zinc Bisha mine in Eritrea, the company’s sole source of cash flow. …
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