R/€ = 16.34 Change: 0.02
R/$ = 14.24 Change: 0.02
Au 1232.54 $/oz Change: 0.04
Pt 832.50 $/oz Change: 4.25
 
 
R/€ = 16.34 Change: 0.02
R/$ = 14.24 Change: 0.02
Au 1232.54 $/oz Change: 0.04
Pt 832.50 $/oz Change: 4.25
 
 
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CITIC Metal another step closer to acquiring a stake in Ivanhoe

8th August 2018 BY: Marleny Arnoldi
Creamer Media Online Writer

China State-owned investment company CITIC's subsidiary CITIC Metal has completed its confirmatory due diligence and has received internal approvals necessary to complete the long-term, strategic cooperation and investment agreement with Canadian miner Ivanhoe Mines.

This followed a high-level site visit by senior CITIC and Ivanhoe representatives to inspect Ivanhoe’s three world-scale mine development projects, Kamoa-Kakula, Platreef and Kipushi, in Africa.

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Under the terms of the agreement between the two companies, signed on June 11, Ivanhoe will issue about 196.6-million shares to CITIC Metal through a private placement, at a price of C$3.68 apiece, yielding gross proceeds to Ivanhoe of about C$723-million, or $560-million.

Upon completion of the share issue, CITIC Metal will own about 19.5% of Ivanhoe’s issued and outstanding common shares.

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Ivanhoe will use the proceeds to rapidly advance the three African projects. 

EDITED BY: Chanel de Bruyn Creamer Media Senior Deputy Editor Online
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