Sponsored by China Mining Association (CMA)
About Chinese Contribution
 
   
   

Home >> Investment >> Investment News

Zijin Mining buys 10% of Canada's Ivanhoe Mines

(www.mining.com)
Updated: 2015-03-24 15:07
Counter:

    Chinese gold and copper miner Zijin Mining Group is buying a 10% stake in Ivanhoe Mines, the Canadian group run by billionaire Robert Friedland with gold, copper, platinum and other metals assets in Africa.

    Under the terms of the deal, Ivanhoe Mines will issue roughly 76.8 million common shares to Zijin via a private placement at a price of Cdn$1.36 per share.

    The transaction will raise about 484 million (Cdn$105 million) for Ivanhoe, which was trading 17% higher to $1.14 at 11:00 am ET on the news.

    The Vancouver-based company is currently developing the Platreef platinum group metals (PGM) project in South Africa's Bushveld Complex as well as the Kamoa copper project in the Kantanga province of the Democratic Republic of Congo (DRC).

    "Ivanhoe and Zijin are in detailed, friendly discussions about the strategic co-development of our Kamoa copper discovery," revealed Friedland in the joint statement.

    This is the second investment by the Chinese group in South Africa's PGM sector in less than a year.

 

Comment: Name ValidCode View Comment
     
  Copyright 2001-2010. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Mining Association (CMA). Without written authorization from CMA, such content shall not be republished or used in any form.
If you have any suggestion or opinion, please contact us: (8610) 66557688 or
english@chinamining.org
Note: Browsers with 1024*768 or higher resolution is suggested for this site. Mail Server