Ivanhoe Mines to pump $600M in assets in Africa
(Ecofin Agency) - TSX-listed Ivanhoe Mines announced it will soon disburse over C$800M (about $609 million) to advance operations at its mining assets in South Africa and DR Congo. The goal is to speed up the development of its three world-class mines including Kipushi, Kamoa-Kakula, and Platreef.
Most of the fund (C$723 million) will be mobilized through a private placement that will see China’s CITIC Metals become Ivanhoe’s majority shareholder. The latter indicated that the Chinese group completed its due diligence for included assets and got internal green light to finalize the investment agreement announced last June.
Furthermore, Ivanhoe reported that Zijin Mining Group, its joint-venture partner at the Kamoa-Kakula Project, has exercised its existing anti-dilution rights, generating additional C$78 million.
Let’s remind that the platreef project (South Africa), managed by subsidiary Ivanplats, focuses on platinum, palladium, nickel, copper and gold while the Kipushi project, under renovation in DR Congo, is a zinc-copper-silver germanium mine. The third asset, Kamoa-Kakula, is the world’s fourth-largest copper deposit.