Zijin Clears Second Regulatory Hurdle in Rush to Nevsun

Nevsun Resources (TSX:NSU,NYSE American:NSU) has announced that it has been advised by Zijin Mining (SHA:601899,HKEX:2899) that Zijin has received the second of three required regulatory approvals from the People’s Republic of China for Zijin’s proposed friendly takeover bid of Nevsun.

As quoted in the press release:

The second PRC approval is from the Ministry of Commerce. With the previously announced NDRC and today’s MOFCOM approvals in hand, Zijin will submit, as soon as practicable, an application to the State Administration of Foreign Exchange for the third and final PRC regulatory approval required as a condition of the offer.

The transaction is also subject to approval under the Investment Canada Act and customary closing conditions. The Zijin Offer is not subject to any financing conditions. Nevsun will continue to work with Zijin to complete the transaction and will keep shareholders updated as conditions of the offer are met.

Click here to read the full Nevsun Resources (TSX:NSU,NYSEAmerican:NSU) press release.