So far, 89 per cent of the shares have tendered. The remaining three per cent amounts to 9.5 million shares.
Once the full purchase is complete, Zijin said it will de-list Nevsun from the TSX and NYSE, and cause Nevsun to cease to be a reporting issuer in Canadian provinces and any other jurisdiction where it currently has that obligation.
Zijin, worth US$10 billion, specializes in the exploration and development of gold, copper and zinc. It is listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange.
Nevsun owns the Timok copper-gold project in Serbia and the open pit zinc-copper Bisha mine in Eritrea.
A human rights case against Nevsun brought by three Eritrean refugees, alleging the company was complicit in the use of forced labour at Bisha, will be heard in the Supreme Court of Canada on Jan. 23.
The court will determine whether the case should be heard in Canada or Eritrea. Both the British Columbia Supreme Court and Court of Appeal have ruled that the province has territorial jurisdiction over the case because Nevsun is based in Vancouver.