TSX-listed Euro Sun Mining (ESM) has amended its portion of the joint proposal with multinational minerals company Lundin Mining to acquire midtier base metals company Nevsun Resources for C$1.5-billion.

ESM is now offering C$150-million in cash and C$150-million in ESM stock, compared with the previous proposal of C$300-million in cash.

The total proposed consideration of C$5 a share for the acquisition of Nevsun stock now includes C$150-million cash from ESM and C$600-million cash from Lundin Mining, along with C$150-million in ESM stock and C$600-million in Lundin Mining stock.

The development-stage mining company further encouraged Nevsun’s management and board of directors to engage with it regarding the combined offer as it is “in the best interest of all stakeholders”.

Since making the proposal public on May 7, numerous meetings have been held with shareholders of Nevsun, both in person and via teleconference, ESM said on Monday.

To date, ESM added that shareholders representing over 30% of Nevsun shares outstanding have expressed support for the ESM-led offer.

“We are ready and willing to engage with Nevsun in friendly and meaningful discussions to conclude a transaction in the best interests of all stakeholders. We have extensive operational experience across Africa and look forward to meaningful investment into Eritrea and the Bisha mine allowing it to meet its full potential,” said ESM president and CEO G Scott Moore.

Meanwhile, ESM expects the Romanian government will shortly ratify a mining licence for its Rovina Valley project – one of the largest mineral deposits on the Western Tethyan mineral belt.

The project hosts measured and indicated mineral resources of 7.2-million ounces of gold and 1.4-billion pounds of copper in 406-million tonnes at 0.55 g/t gold and 0.16% of contained copper. 

ESM notes that it is the first mining company operating in Romania to be granted an exploitation licence without a State partner.