June 29, 2018 / 2:19 PM / 4 months ago

BUZZ-First Quantum, Nevsun rise on takeover talks by Rio Tinto

** Canadian mining company’s shares up 6.8 pct at $19.41 after sources tell Reuters that co could be a takeover target by Rio Tinto

** Banking sources say pressure is mounting for a copper deal because of its widespread industrial use

** However, sources did not reveal how much Rio Tinto, which is trying to reduce its dependency on iron-ore, will be willing to pay

** Vancouver-based Nevsun Resources (up 5.1 pct) could also prove attractive for Rio Tinto, bankers and analysts told Reuters

** More than 1.5 mln FM shares traded, 0.7x their 25-day moving avg

** Up to Thursday’s close, stock had risen 5.7 pct while Nevsun shares had risen 39 pct YTD on the TSX (Reporting by Laharee Chatterjee in Bengaluru)

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