On August 16, 2019, Ivanhoe Mines Ltd. (“Ivanhoe Mines”) (TSX: IVN), announced the completion of its’ second major strategic equity investment of approximately US$459 million from CITIC Metal Africa Investments Limited (“CITIC Metal”). Zijin Mining Group Co., Ltd. (“Zijin Mining”) exercised its anti-dilution rights in Ivanhoe Mines through a concurrent private placement of approximately US$50 million. At completion of these financings, CITIC Metal holds approximately 29.4% of Ivanhoe Mines’ issued and outstanding common shares and Zijin Mining holds approximately 9.8%.
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the development of new mines at the Kamoa-Kakula copper discovery in the Democratic Republic of Congo (DRC) and the Platreef palladium-platinum-nickel-copper-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-lead mine, also in the DRC. Ivanhoe also is exploring for new copper discoveries on its wholly-owned Western Foreland exploration licences in the DRC, near the Kamoa-Kakula Project.
Fasken advised Zijin Mining with a team comprising of John Turner, Michael Boehm, Lei Huang and Janet Howard.
