Loading ...Ivanhoe Mines secures full financing for first two mines in Congo
Canada’s Ivanhoe Mines (TSX:IVN) said Tuesday 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 C$67 million (about $49m) 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 C$3.98 per share, the Vancouver-based company said.
China’s state-owned CITIC Metal, Ivanhoe’s largest shareholder, pumped last month C$612 million (about $454m) into Canadian billionaire Robert Friedland’s company.
Ivanhoe Mines secures full financing for first two mines in Congo