{"id":1116203,"date":"2019-05-15T13:21:29","date_gmt":"2019-05-15T13:21:29","guid":{"rendered":"http:\/\/www.mining.com\/?p=987653"},"modified":"2019-05-15T13:21:29","modified_gmt":"2019-05-15T13:21:29","slug":"ivanhoe-mines-secures-full-financing-for-first-two-mines-in-congo","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1116203","title":{"rendered":"Ivanhoe Mines secures full financing for first two mines in Congo"},"content":{"rendered":"

Canada\u2019s Ivanhoe Mines (TSX:IVN) said Tuesday it\u2019s ready to start building its first two copper mines<\/a> in the Democratic Republic of Congo and significantly advance a third project after partner Zijin Mining Group added\u00a0an additional C$67 million\u00a0(about $49m) into the Canadian company\u2019s coffers.<\/p>\n

Zijin, China\u2019s No.1 gold producer and Ivanhoe\u2019s partner in the now massive Kamoa-Kakula\u00a0copper project in the DRC, generated the additional funds by exercising its\u00a0anti-dilution rights at\u00a0C$3.98 per share, the Vancouver-based company said<\/a>.<\/p>\n

China\u2019s state-owned CITIC Metal, Ivanhoe\u2019s largest shareholder pumped last month C$612 million\u00a0(about $454m)<\/a> into Canadian billionaire Robert Friedland\u2019s company.<\/p>\n

The combined funds from the two Chinese companies, accounting for more than C$679 million\u00a0($503m), will allow Ivanhoe to\u00a0finance Kakula and Kipushi mine to commercial production, and significantly advance, or achieve, production at the company\u2019s Platreef Project in South Africa, it said.<\/p>\n

Friedland, who made his fortune from the Voisey\u2019s Bay nickel project in Canada in the 1990s, also said that Zijin\u2019s Chairman Chen Jinghe had been nominated for election to Ivanhoe\u2019s board at its Annual and Special Meeting of Shareholders to be held on June 28.<\/p>\n

Ivanhoe Mines has been working on Kamoa-Kakula for ten years. In 2015, its now partner Zijin got on board by\u00a0acquiring a stake in the company<\/a>. Citic Metal followed suit last year, becoming\u00a0Ivanhoe\u2019s largest shareholder<\/a>.<\/p>\n

Friedland has repeatedly stated that Kamoa-Kakula has the potential to become\u00a0the world\u2019s second-largest copper mine.<\/p>\n

According to an\u00a0independent pre-feasibility study (PFS)\u00a0released in February<\/a>, the operation is expected to reach peak annual production of more than 700,000 tonnes of copper.<\/p>\n

The proceeds from Zijin and CITIC are\u00a0expected to be received by the first week of September.<\/p>\n

The post Ivanhoe Mines secures full financing for first two mines in Congo<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Zijin, China’s No.1 gold producer and Ivanhoe’s partner in the now massive Kamoa-Kakula copper project in the DRC, added an additional C$67 million (about $49m) into the Canadian company’s coffers.<\/p>\n

The post Ivanhoe Mines secures full financing for first two mines in Congo<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1016,1389,868,870,829,1552,404,369],"tags":[9,25,32,33,43,102],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1116203"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1116203"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1116203\/revisions"}],"predecessor-version":[{"id":1116382,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1116203\/revisions\/1116382"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1116203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1116203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1116203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}