If B2Gold’s offer is successful, the company will buy out Zhaojin Mining Industry Co. Ltd., one of Sabina’s largest shareholders with a 7.4-per-cent holding
on Monday aimed at winning control of properties 520 kilometres northeast of Yellowknife that contain some of the world’s highest-grade undeveloped gold projects. Sabina, also based in Vancouver, forecasts its first mine will open in 2025, at a cost of $750-million, and produce gold for 15 years.
In 2017, Zhaojin bought an initial stake in Sabina for $66-million, buying stock at $2.65 per share. At the time, Zhaojin’s 25 mines and its smelting operations were located in China and company executives said their goal was to double production within a decade by making international acquisitions. On Monday, B2Gold announced a friendly, all-stock acquisition of Sabina for $1.1-billion, or $1.87 per share. The terms of the transaction prevent Sabina from soliciting rival offers, and give B2Gold the right to match any new bid. Sabina’s board recommended shareholders accept B2Gold’s offer.
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