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Nevsun Resources (TSX:NSU) and Reservoir Minerals (TSXV:RMC) announced that Reservoir has closed the open right of first offer with Freeport International Holdings regarding the Timok project. The move beats out Lundin Mining’s (TSX:LUN) attempt to buy part of Freeport’s stake, and consolidates 100 percent ownership of the upper zone with Reservoir. As quoted in the …

Nevsun Resources (TSX:NSU) and Reservoir Minerals (TSXV:RMC) announced that Reservoir has closed the open right of first offer with Freeport International Holdings regarding the Timok project. The move beats out Lundin Mining’s (TSX:LUN) attempt to buy part of Freeport’s stake, and consolidates 100 percent ownership of the upper zone with Reservoir.
As quoted in the press release:

Closing the ROFO consolidates 100% ownership of the Upper Zone with Reservoir.  Reservoir became the operator on the Timok Project concurrent with the exercise of the ROFO.  Closing the US$135 million ROFO is the first step in the previously announced combination of Nevsun and Reservoir.
Nevsun has entered into a secured loan arrangement with Reservoir to provide a further US$850,000 to Reservoir to fund the May 2016 operating expenses at the Timok Project.  The indebtedness will be secured by a cash collateral agreement on customary lending terms. Nevsun will provide further updates on the 2016 work program at the Timok Copper Project after the key transaction meetings of operatorship with Freeport are completed later this month.

Click here for the full press release.

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