{"id":1133047,"date":"2019-08-16T12:09:10","date_gmt":"2019-08-16T17:09:10","guid":{"rendered":"https:\/\/www.mining.com\/?p=999525"},"modified":"2019-08-16T12:09:10","modified_gmt":"2019-08-16T17:09:10","slug":"ivanhoe-citic-complete-second-major-financing-for-congo-mines","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1133047","title":{"rendered":"Ivanhoe, CITIC complete second major financing for Congo mines"},"content":{"rendered":"<p>Canada\u2019s Ivanhoe Mines (TSX:IVN) has received a <a href=\"https:\/\/www.ivanhoemines.com\/news\/2019\/ivanhoe-mines-completes-strategic-equity-investment-of-c-612-million-us-459-million-from-china-based-citic-metal\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">second major strategic investment of C$612 million<\/a> (about $490m) by its largest shareholder, China\u2019s state-owned CITIC Metal,&nbsp;that will be used towards <a href=\"https:\/\/www.mining.com\/citic-injects-another-454m-ivanhoes-copper-mine-drc\/\">speeding up construction of a giant copper mine<\/a>&nbsp;in the Democratic Republic of Congo.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The financing, part of long-term strategic cooperation between<br \/>\nthe two companies, brings CITIC\u2019s investment in Ivanhoe to more than $1 billion.<\/p>\n<p>Another Chinese firm, Zijin Mining Group \u2014 which&nbsp;became&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.mining.com\/chinas-zijin-pays-off-stake-ivanhoes-congo-copper-project\/\" >Ivanhoe\u2019s partner four years ago<\/a>&nbsp;\u2014 exercised its anti-dilution rights in May, generating additional proceeds for the Vancouver-based miner of C$67 million ($50m).<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Ivanhoe now has the equity cushion required to fast-track Kamoa-Kakula\u2019s 6 million copper tonnes per year Phase 1 mine to production.<\/p>\n<p><cite>Robert Friedland, Ivanhoe Mines&#8217; founder and executive chairman.<\/cite><\/p><\/blockquote>\n<\/figure>\n<p>\u201cThe investments completed today comfortably provide Ivanhoe with the equity cushion required to rapidly advance Kamoa-Kakula\u2019s 6 Mtpa Phase 1 mine to production,\u201d billionaire Robert Friedland, the company\u2019s founder and executive chairman <a href=\"https:\/\/www.ivanhoemines.com\/news\/2019\/ivanhoe-mines-completes-strategic-equity-investment-of-c-612-million-us-459-million-from-china-based-citic-metal\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said in a statement<\/a>.<\/p>\n<p>CITIC now owns 29.4% of Ivanhoe Mines\u2019 issued and<br \/>\noutstanding common shares, with Zijin Mining holding 9.8%.<\/p>\n<p>Friedland, who made his fortune from the Voisey\u2019s Bay nickel<br \/>\nproject in Canada in the 1990s,&nbsp;<a href=\"https:\/\/mining.com\/friedland-confident-congo-copper-mine-will-worlds-second-largest\/\"  rel=\"noreferrer noopener\">has said<\/a>&nbsp;the capacity of the project\u2019s first phase<br \/>\ncould later be easily tripled. He believes Kamoa-Kakula has the potential to<br \/>\nbecome&nbsp;the world\u2019s second-largest copper mine.<\/p>\n<p>The mining complex, which is expected to begin commercial<br \/>\nproduction in late 2021, has the potential to become&nbsp;the world\u2019s<br \/>\nsecond-largest copper mine.<\/p>\n<p>Analysts also believe the giant mine could restore the DRC\u2019s<br \/>\nhistorical position as one of the world\u2019s top copper producing countries.<\/p>\n<p>Ivanhoe Mines has been working on Kamoa-Kakula for ten years. In 2015, its now partner Zijin got on board by&nbsp;<a href=\"https:\/\/mining.com\/chinas-zijin-pays-off-stake-ivanhoes-congo-copper-project\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">acquiring a stake in the company<\/a>. CITIC Metal followed suit last year, becoming&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/mining.com\/chinas-citic-ivanhoe-mines-top-shareholder-548m-deal\/\" >Ivanhoe\u2019s top shareholder<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investment provides Ivanhoe with the equity cushion required to fast-track Kamoa-Kakula&rsquo;s 6 Mtpa Phase 1 mine to production.<\/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":"default","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":"","ast-disable-related-posts":"","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-opacity":"","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-opacity":"","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-opacity":"","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-opacity":"","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-opacity":"","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-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[369],"tags":[43],"class_list":["post-1133047","post","type-post","status-publish","format-standard","hentry","category-miningcom","tag-exploration"],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1133047","targetHints":{"allow":["GET"]}}],"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=1133047"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1133047\/revisions"}],"predecessor-version":[{"id":1133057,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1133047\/revisions\/1133057"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1133047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1133047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1133047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}