January 2, 2019 / 1:14 AM / 9 months ago

Zijin Mining plans to sell $1.2 billion A-shares to fund Nevsun purchase

FILE PHOTO: The company logo of Zijin Mining Group Co Ltd, China's biggest listed gold producer, is displayed at a news conference following its annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip

HONG KONG (Reuters) - Chinese gold miner Zijin Mining Group Co Ltd (601899.SS) (2899.HK) said it plans to sell up to 8 billion yuan ($1.16 billion) worth of new shares in Shanghai to help fund its purchase of Canada’s Nevsun Resources Ltd NSU.TO.

Zijin aims to sell up to 3.4 billion A shares to investors in China, in a plan which is subject to shareholder and regulatory approval, the firm said in a filing to the Hong Kong bourse late on Tuesday.

Nevsun agreed last September to a C$1.86 billion ($1.37 billion) buyout bid by Zijin, in a deal that trumped an earlier hostile takeover offer by Lundin Mining Corp (LUN.TO).

Reporting by Donny Kwok; editing by Richard Pullin

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