International news within the industry of mining and metal, Jan, 18 2019
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Chinese group to invest $556M in Canadian miner

Photo: Ivanhoe Mines
Photo: Ivanhoe Mines
Published by
Jaroslaw Adamowski - 12 Jun 2018

Chinas CITIC Metal has agreed to purchase a 19.9% stake in Canadian miner Ivanhoe Mines under a deal worth about C$723 million ($556 million) to "help advance Ivanhoes three world-scale mine-development projects in Southern Africa". 

 

"Ivanhoe Mines intends to use the proceeds for the advancement of the companys world-scale mine development projects in Southern Africa Kamoa-Kakula, Platreef and Kipushi and also for working capital and general corporate purposes," the Canadian company said in a statement.

 

Kamoa-Kakula is the company’s flagship copper project.

 

CITIC Metal has also agreed to provide Ivanhoe with a nine-month, interim loan of $100 million in accordance with an agreed term-loan-facility agreement.

 

CITIC is China's largest conglomerate with total assets of more than $900 billion, according to the statement. The group is focused on financial services, resources and energy, manufacturing, engineering contracting, and real estate.

Since the completion of the first test shipments in July 2018, Rio Tinto increased the number of autonomous tours along the Groups iron ore lines in Western Australia in a controlled manner. Now, Rio Tintos trains have travelled over one million kilometres completely autonomously. Photo credit: Rio Tinto company
Since the completion of the first test shipments in July 2018, Rio Tinto increased the number of autonomous tours along the Groups iron ore lines in Western Australia in a controlled manner. Now, Rio Tintos trains have travelled over one million kilometres completely autonomously. Photo credit: Rio Tinto company

The world's first mining-related railway network for autonomous trains was opened

"improves productivity"

The mining company Rio Tinto's AutoHaul ™ program, which is expected to cost $ 940 million, is...