Fresh on the heels of its 2015 Thayer Lindsley award win for the discovery of the Kamoa copper deposit in the Democratic Republic of Congo, Ivanhoe Mines (TSX: IVN) has reeled in Zijin Mining as a strategic investor.
One of China’s largest gold producers, its second largest copper producer and a significant miner of zinc, tungsten and iron ore – Zijin Mining is listed on the Shanghai and Hong Kong stock exchanges and has a market capitalization of more than US$10 billion.
The company, headquartered in southern China’s Fujian province, has taken a 9.9% stake in Ivanhoe through a private placement of 76.82 million shares at $1.36 per share for proceeds of $105 million. The placement is at a 40% premium to the pre-announcement price and almost double the average February price.
Ivanhoe said it will use the money for working capital and general corporate purposes as well as for advancing its projects in Africa.
Read the complete article at NorthernMiner.com/news/ivanhoe
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