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Ivanhoe Mines to start first two mines in Congo

Mining News - Published on Thu, 16 May 2019

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Canada’s Ivanhoe Mines said that it’s ready to start building its first two copper mines in the Democratic Republic of Congo and significantly advance a third project after partner Zijin Mining Group added an additional CAD 67 million into the Canadian company’s coffers. Zijin, China’s No.1 gold producer and Ivanhoe’s partner in the now massive Kamoa-Kakula copper project in the DRC, generated the additional funds by exercising its anti-dilution rights at CAD 3.98 per share.

China’s state-owned CITIC Metal, Ivanhoe’s largest shareholder pumped last month CAD 612 million into Canadian billionaire Robert Friedland’s company. The combined funds from the two Chinese companies, accounting for more than CAD 679 million, will allow Ivanhoe to finance Kakula and Kipushi mine to commercial production, and significantly advance, or achieve, production at the company’s Platreef project in South Africa.

Friedland, who made his fortune from the Voisey’s Bay nickel project in Canada in the 1990s, also said that Zijin’s Chairman Chen Jinghe had been nominated for election to Ivanhoe’s board at its Annual and Special Meeting of Shareholders to be held on June 28.

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Posted By : Rabi Wangkhem on Thu, 16 May 2019
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