CITIC Metal completes $560 million strategic investment into Ivanhoe Mines

By Dale Benton
A Canadian mining company with three principle projects across Southern Africa has received a multi-million dollar strategic investment by a major Chine...

A Canadian mining company with three principle projects across Southern Africa has received a multi-million dollar strategic investment by a major Chinese metals company, as the company continues a strategic growth plan.

Ivanhoe Mines has announced this week that a C$723 million ($560 million) strategic equity investment by the China-based CITIC Metal has been completed.

Announced three months ago, the investment is described as an “integral part” of Ivanhoe’s long-term strategic corporation and investment agreement with CITIC Metal.

Through the issuing of around 196,602,037 common shares to CITIC Metal Africa, CITIC Metal Africa is now the largest single shareholder with approximately 19.5%.

“For more than 15 years, we have been mutually building the foundation for a long-lasting and trust-based relationship with CITIC,” said Robert Friedland, Founder and Executive Co-Chairman “We first formed a strategic alliance with CITIC in 2003 and since then have worked together to deepen our understandings of each other’s values, strategic priorities, and operating and financial capabilities.

 

Related stories:

New Gold to sell Mesquite Mine to Equinox Gold for $158 million

CITIC Metal becomes majority stakeholder in Ivanhoe Mines with $549 million investment

Maptek and LlamaZoo to bring 3D and VR to mine planning with MineLifeVR

 

“After a period of extensive due diligence and multiple site visits, we are delighted to welcome CITIC Metal Africa as our new, largest shareholder. CITIC’s leaders have reviewed hundreds of mining projects around the world, helping them to fully appreciate the world-scale significance of our three tier-one projects, and the opportunities and challenges that lie ahead as we move forward with our ongoing mine developments and exploration programs.

“We are confident that the CITIC Metal Group has the experience, financial resources – and a shared commitment to our objectives – to greatly assist us as we advance our projects to production, creating value for Ivanhoe’s stakeholders in the Democratic Republic of Congo and South Africa, and our international shareholders.

 

Share

Featured Articles

China increases copper import pace, following price plummet

In August, China reached a 26% rise - representing a 100,000+ tonne increase - in copper imports year-on-year, largely driven by product price drops

Ford criticises “inefficient” government mining permissions

In a letter to the US Department of the Interior, the car giant Ford has asked the American government to speed up its current mining permission process

Aggreko and Labyrinth Resources’ sustainable power project

Labyrinth Resources has been working with Aggreko to complete a virtual pipeline power project, which is designed to aid the sustainable energy transition

Despite regional ban, crypto miner Canaan doubles profits

Digital Mining

The future of all-electric sustainable mining technologies

Sustainability

Anglo American first half earnings decline 28 percent

Supply Chain & Operations