International news within the industry of mining and metal, Sep, 23 2018
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Chinese group agrees to invest $550M in Canadian miner

Photo by Ivanhoe Mines
Photo by Ivanhoe Mines
Published by
Jaroslaw Adamowski - 11 Jul 2018

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 Ivanhoes 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 Ivanhoes 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 Metals 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.