1 ERD ESTIMATES PRE-PRODUCTION OF KHUNDII PROJECT TO TOTAL USD 32 MILLION WWW.ZGM.MN PUBLISHED:2019/01/21      2 NON-PERFORMING LOANS JUMP 54.8 PERCENT IN 2018 WWW.ZGM.MN PUBLISHED:2019/01/21      3 INNER MONGOLIA SEES RECORD FOREIGN TRADE VOLUME IN 2018 WWW.EN.CE.CN PUBLISHED:2019/01/21      4 MORE FLIGHTS BETWEEN SOUTH KOREA AND MONGOLIA WWW.NEWS.MN PUBLISHED:2019/01/21      5 CROSS-BORDER BRIDGE CONNECTING RUSSIA & CHINA TO OPEN IN 2020 WWW.RT.COM PUBLISHED:2019/01/21      6 GOLD, SILVER AND PLATINUM NOW PRINTED DIRECTLY ONTO FABRICS WWW.MINING.COM PUBLISHED:2019/01/21      7 LAW AMENDED TO LEGALIZE DISMISSAL OF SPEAKER BY MAJORITY OF MPS WWW.PRESIDENT.MN PUBLISHED:2019/01/21      8 MONGOLIAN TEAM SUCCESSFULLY COMPLETES DAKAR RALLY WWW.MONTSAME.MN PUBLISHED:2019/01/21      9 CHINA’S SLOWDOWN IS MINERS' SINGLE BIGGEST FEAR THIS YEAR — REPORT WWW.MINING.COM PUBLISHED:2019/01/18      10 CHINA, RUSSIA, MONGOLIA JOINTLY PROTECT SIBERIAN CRANE WWW.XINHUANET.COM PUBLISHED:2019/01/18      TAOBAO САЙТАД МОНГОЛД ҮЙЛДВЭРЛЭВ ГЭСЭН ЦЭС НЭМЭГДЭНЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2019/01/21     БНХАУ-ЫН НҮҮРСНИЙ ОЛБОРЛОЛТ СҮҮЛИЙН 3 ЖИЛИЙН ДЭЭД ТҮВШИНД ХҮРЭВ WWW.BLOOMBEGTV.MN НИЙТЭЛСЭН:2019/01/21     МАНАЙ УРАЛДААНЧИД “ДАКАР РАЛЛИ”-ГААС ХҮРЭЛ МЕДАЛЬ ХҮРТЛЭЭ WWW.UNUUDUR.MN НИЙТЭЛСЭН:2019/01/21     2019 ОНЫ ИНФЛЯЦИЙН ХҮЛЭЭЛТ 7.6 ХУВЬ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/01/21     ОРОС, ХЯТАДЫГ ХОЛБОСОН ГҮҮР 2020 ОНД НЭЭЛТЭЭ ХИЙНЭ WWW.NEWS.MN НИЙТЭЛСЭН:2019/01/21     МОНГОЛ УЛС 21 НЭР ТӨРЛИЙН ВАКЦИН, 23 ОНОШИЛГООНЫ ТӨХӨӨРӨМЖ ҮЙЛДВЭРЛЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2019/01/21     ТЭТГЭВРИЙН ЗЭЭЛИЙН ХҮҮГ 10 ХУВЬ БОЛГОН БУУРУУЛЛАА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2019/01/21     "RIO TINTO" НЭГЖ ХУВЬЦААНДАА 1.74 АМ.ДОЛЛАРЫН НОГДОЛ АШИГ ТАРААЖ МАГАДГҮЙ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/01/21     ЦАГААН САРЫН БЭЛЭГНИЙ МӨНГӨ ЭРЭЭНИЙГ ДЭМЖСЭЭР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2019/01/18     ХОЛБООНЫ НӨӨЦИЙН САН БОДЛОГЫН ХҮҮГЭЭ ӨСГӨХӨД ДЭЛХИЙН 170 ОРЧИМ ВАЛЮТЫН ХАНШ СУЛАРДАГ WWW.IKON.MN НИЙТЭЛСЭН:2019/01/18    

China's CITIC grabs stake in Ivanhoe Mine for $560 million www.mining.com

A Chinese state-owned conglomerate will become Canada's Ivanhoe Mines’ (TSX:IVN) biggest shareholder after billionaire Robert Friedland’s company agreed to sell a 20% stake for about $560 million (Cdn$723m).

Under the deal, CITIC Metal will also make a $100 million loan facility available to the Canadian listed company, which said it would use the proceeds to advance its projects in southern Africa, including Ivanhoe’s flagship Kamoa-Kakula project in the Democratic Republic of Congo – considered the most significant copper discovery in decades.

Friedland, Ivanhoe’s founder and executive chairman, said the deal was the culmination of a 15-year relationship with CITIC. “In 2003, the original Ivanhoe Mines was grappling with the challenge of developing its vast copper-gold discoveries at the Oyu Tolgoi Project in southern Mongolia. Following extensive discussions, Ivanhoe and CITIC established a strategic alliance to cooperatively pursue a number of selected common interests in metals production and related technologies.”

Another Chinese firm, Zijin Mining Group — which acquired a 9.9% stake in Ivanhoe Mines in 2015 through a wholly-owned subsidiary — will now be entitled to exercise its existing anti-dilution rights through a concurrent private placement, which could result in additional proceeds of Cdn$78 million (about $60 million) if exercised in full, the parties said.

Once Chinese regulators clear the transaction, CITIC will have the right to appoint two directors to an enlarged board. One of them is expected to be Sun Yufeng, president of CITIC Metal Group, who will become Ivanhoe’s co-chairman alongside Friedland.

Ivanhoe Mines estimates the asset, discovered in 2007, holds the equivalent of at least 45 million tonnes of pure copper. The company aims to extract 300,000 tonnes per year once the mine is operating at full tilt.



Published Date:2018-06-12