TORONTO Lundin Mining Corp launched a hostile $1.4 billion takeover bid for fellow Canadian base metals miner Nevsun Resources Ltd on Thursday, saying it had failed to convince Nevsun board to agree to a friendly deal over the past nine months.Cash rich Lundin, looking to grow its production, has made five proposals to acquire Nevsun large, high grade Timok copper project in Serbia. With no appetite for Nevsun Eritrean mine, it partnered with tiny mine developer Euro Sun Mining on its last buyout proposal for the whole company.That offer, worth about $1.5 billion, was rejected by Nevsun as too low.Each time we presented a proposal, the goal post changedOutgoing Lundin Chief Executive Officer Paul ConibearAfterwards, Lundin said its best option was to make a direct offer to Nevsun shareholders to buy the whole company, noting significant political change in Eritrea.Long time rivals Eritrea and Ethiopia signed a peace accord this month, ending decades of hostility. Eritrea, formerly a province of Ethiopia, waged a 30 year war for independence and seceded in 1993.
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