To advance the Kakula copper mine in Africa, Robert Friedland and Yufeng “Miles” Sun, co-chairmen of Ivanhoe Mines (TSX:IVN), announced today that CITIC Metal Co. will invest an additional US$454 million in Ivanhoe Mines.
The deal is priced at US$2.95 per share, a premium of 29% over the last closing price. It is CITIC Metal’s second major investment in less than a year in Ivanhoe Mines. Total investment tallies US$1 billion. Friedland touted the deal.
“CITIC Metal has been a shareholder in Ivanhoe Mines for eight months now, and in that time, CITIC has seen what we already know – that the Kamoa-Kakula Project is unquestionably the best copper development project in the world,” said Friedland in a news release.
“The investment announced today will comfortably provide Ivanhoe with the equity cushion required to fast-track Kamoa-Kakula’s 6 Mtpa Phase 1 mine to production.
More importantly, it also is a profound vote of confidence in our management, in our key stakeholders and partners, and in the promising future of the Democratic Republic of Congo and South Africa. We look forward to hosting the DRC President at the Kamoa-Kakula and Kipushi projects later this year,” Friedland added.
For the rest of this article: https://www.kitco.com/news/2019-04-25/CITIC-Metal-s-Total-Investment-In-Friedland-s-Ivanhoe-Tops-1B.html