Canada-based Ivanhoe Mines will fast-track production at its southern African projects, after Chinese shareholder Citic Metal invested another C$612-million, pushing the company’s cash position to C$1.3-billion – about double what it needs to finance its share of the construction costs for the Kakula copper mine, in the Democratic Republic of Congo.
Citic, through its subsidiary Citic Metal Africa Investments, will invest at C$3.98 a share, which is a premium of 29% over the last closing price, Ivanhoe said on Thursday.