Citic Metal makes additional investment of $459mln to Ivanhoe Mines’s DRC copper mine

The development of the Kamoa-Kakula copper mine in the Democratic Republic of the Congo (DRC) will receive a financial boost following a second major strategic equity investment by China's Citic Metal in Canadian mining company Ivanhoe Mines.

The mine is jointly owned by Ivanhoe Mines, Citic Metal and China's Zijin Mining. The C$612 million ($459 million) investment brings Citic Metal’s investment in Ivanhoe Mines to more than $1 billion in less than a year. Citic Metal now holds 29.4% of Ivanhoe's issued and outstanding common shares. An additional C$67 million was also received from Zijin Mining through the exercise of its anti-dilution rights through a concurrent private placement, bringing the company's...

Published

Sally Zhang

August 20, 2019

09:46 GMT

Shanghai