Nevsun rejects $1.5B proposal from Euro Sun and Lundin Mining

Nevsun Resources (TSX: NSU; NYSE: NSU) is rejecting an unsolicited proposal by Euro Sun Mining (TSX: ESM) and Lundin Mining (TSX: LUN) that it says lacks adequate value and has a problematic structure. The mining company argues the cash and share proposal undervalues its high-grade copper-gold Timok project in Serbia and overvalues Euro Sun’s Rovina Valley gold-copper porphyry project in Romania. Under the joint proposal, which does not yet constitute a formal offer, Euro Sun and Lundin are proposing to acquire all of Nevsun’s outstanding common shares for about C$1.5 billion. Continue reading at The Northern Miner.