Le Lézard
Classified in: Mining industry, Business
Subject: FINANCING AGREEMENTS

Ivanhoe Mines receives fifth and final US$41.2 million installment payment from Zijin Mining Group as part of Zijin's US$412 million investment in the Kamoa-Kakula Copper Project in D.R. Congo


VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 23, 2017) - Ivanhoe Mines (TSX:IVN)(OTCQX:IVPAF) announced today that it has received the fifth and final installment of US$41.2 million owing from a subsidiary of Zijin Mining Group Co., Ltd. as part of a strategic co-development agreement under which Zijin acquired 49.5% of Ivanhoe's majority stake in Kamoa Holding Limited.

Kamoa Holding has an indirect 80% interest in the tier one Kamoa-Kakula Copper Project, in the Democratic Republic of Congo, now being jointly developed by Ivanhoe and Zijin.

Zijin ? through its subsidiary, Gold Mountains (H.K.) International Mining Company Limited - agreed to pay US$412 million for a 49.5% interest in Kamoa Holding Limited. Zijin paid an initial US$206 million at closing in December 2015, followed by the payment of the first four scheduled US$41.2 million installments in March, July and October of last year and February of this year.

Following the signing of a partnership agreement with the DRC government in November 2016, Ivanhoe and Zijin Mining now each hold an indirect 39.6% interest in the Kamoa-Kakula Project, Crystal River Global Limited holds an indirect 0.8% interest and the DRC government holds a direct 20% interest.

After the receipt of the fifth installment from Zijin, Ivanhoe's consolidated working capital is approximately US$325 million (C$440 million).

About Ivanhoe Mines

Ivanhoe Mines is advancing its three principal projects in Sub-Saharan Africa: 1) Mine development at the Platreef platinum-palladium-gold-nickel-copper discovery on the Northern Limb of South Africa's Bushveld Complex; 2) mine development and exploration at the Kamoa-Kakula Copper Project on the Central African Copperbelt in the DRC; and 3) upgrading at the historic, high-grade Kipushi zinc-copper-lead-germanium mine, also on the DRC's Copperbelt. For details, visit www.ivanhoemines.com.


These press releases may also interest you

at 07:29
In a strategic move to address the growing talent shortage in the global construction equipment industry, XCMG Machinery (SHE:000425, "XCMG") has launched an extensive cross-training program for its employees from XCMG Global Business Headquarters....

at 06:30
The Actuators market is estimated at USD 67.7 billion in 2024 and is projected to reach USD 94.8 billion by 2029, at a CAGR of 7.0 % from 2024 to 2029 according to a new report by MarketsandMarketstm. The growth can be attributed to growing...

28 mar 2024
Discovery Silver Corp. ("Discovery" or the "Company") today announced financial results for the three and twelve months ended December 31, 2023 ("Q4 2023" and "2023", respectively). The Company also provided a summary of key events since the...

28 mar 2024
Osisko Development Corp. ("Osisko Development" or the "Company") reports its financial and operating results for the three and twelve months ended December 31, 2023 ("Q4 2023"). Q4 2023 HIGHLIGHTS Operating, Financial and Corporate Updates: 2,090...

28 mar 2024
Kootenay Silver Inc. ("Kootenay" or the "Company") is pleased to announce that it has obtained a receipt for a final short form base shelf prospectus with the securities regulators in each province and territory of Canada....

28 mar 2024
Robex Resources Inc. ("Robex" or the "Company") announces today that its Board of Directors has approved the implementation of the consolidation of the issued and outstanding common shares of the Company approved by its shareholders on June 29,...



News published on and distributed by: