International news within the industry of mining and metal, Oct, 19 2018
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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.