July 26 (Reuters) - Canada's Lundin Mining Corp LUN.TO said on Thursday that it formally commenced an offer to acquire Nevsun Resources Ltd NSU.TO for C$4.75 per share in cash, valuing the base metals miner at around C$1.44 billion ($1.10 billion). this month, Nevsun had said that rival Lundin's offer of C$4.75 undervalues the company and its assets. Mining said it intends to mail the offer to Nevsun's security holders.
Lundin has been trying to acquire Nevsun's large, high-grade Timok copper project in Serbia, but had no appetite for Nevsun's Eritrean mine, so partnered with tiny mine developer Euro Sun Mining ESM.TO for its last buyout proposal for Nevsun. ($1 = 1.3038 Canadian dollars)