Loading ...China’s CITIC grabs stake in Ivanhoe Mine for $560 million
A Chinese state-owned conglomerate will become Canada’s Ivanhoe Mines’ (TSX:IVN) biggest shareholder after billionaire Robert Friedland’s company agreed to sell a 20% stake for about $560 million (Cdn$723m).
Under the deal, CITIC Metal will also make a $100 million loan facility available to the Canadian listed company, which said it would use the proceeds to advance its projects in southern Africa, including Ivanhoe’s flagship Kamoa-Kakula project in the Democratic Republic of Congo – considered the most significant copper discovery in decades.
cont. http://www.mining.com/chinas-citic-grabs-stake-ivanhoe-mine-560-million/