CITIC Metal Africa Investments Limited's (CITIC Metal Africa) C$612 million ($464 million) second equity investment in Ivanhoe Mines is scheduled to close on August 16, 2019. The private placement transaction at a price of C$3.98 per share now has received all necessary internal approvals, as well as recordals and registration with Chinese government regulatory agencies. CITIC Metal Africa is a direct subsidiary of CITIC Metal Co., Ltd. (CITIC Metal).
Ivanhoe's joint-venture partner at Kamoa-Kakula, Zijin Mining Group Co., Ltd., exercised its existing anti-dilution rights on May 15, 2019, at a price of C$3.98 per share, which will yield additional proceeds to Ivanhoe of C$67 million (approximately $51 million) to be received concurrently with the CITIC Metal Africa private placement.
Upon closing, the additional funds from CITIC Metal Africa and Zijin Mining will position Ivanhoe to fully finance its share of the capital costs to bring the Kakula Copper Mine to commercial production.
AVERAGE ANALYSTS PRICE TARGET $7.71
AVERAGE ANALYSTS RECOMMENDATION BUY
Ivanhoe Mines Ltd . is a mining development company, which engages in the exploration and development of mineral properties. Its projects include Platreef Project, Kamao-Kakila Project, Western Foreland Project, and Kipushi Project. The company was founded by Robert Martin Friedland on April 29, 1993 and is headquartered in Vancouver, Canada.