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Chinese group agrees to invest $550M in Canadian miner
Chinese investment Canadian miner Ivanhoe Mines says its Chinese partner CITIC Metal has agreed to purchase 19.9% stake in the company. The Chinese group says it aims to invest C$723 million (US$550 million) in the miner to help advance Ivanhoe’s three world-scale mine-development projects in Southern Africa.
"CITIC Metal confirms completion of confirmatory due diligence and receipt of CITIC internal approvals necessary to complete its C$723 million investment in Ivanhoe Mines," the Canadian miner said in a statement. "Zijin Mining has fully exercised its anti-dilution rights, which will generate an additional C$78 million. Funds will be used to advance Ivanhoe’s three world-scale mine-development projects in Southern Africa."
Ivanhoe Mines says it aims to rapidly advance its Kamoa-Kakula, Platreef and Kipushi projects.
CITIC Metal’s major mining investments comprise a 15% stake in the Las Bambas copper project in Peru, and leading a Chinese consortium in purchasing a 15% stake in the Brazil-based niobium producer CBMM.