SHANGHAI, Mar. 24 (SMM) – Zijin Mining’s subsidiary Sharp Hero Developments Limited entered into agreement with Canada’s Ivanhoe Mines Limited to buy stake of the latter with CAD 1.36 per share, the company said in a statement.
Ivanhoe Mines Limited is a Canadian mining company listed on Toronto Stock Exchange, and owns 95% of interest in Kamoa copper mine and 68% interest in Kipushi polymetallic mine, both located in DR Congo, as well as 64% of stake in South Africa’s Kipushi platinum mine.
Sharp Hero Developments will acquire 76,817,020 shares, or 9.9%, of Ivanhoe Mines, with cash consideration of CAD 104.47 million ($83.2 million).
The transaction will allow Zijin Mining to carry out mining operation in Africa and increase its copper, lead & zinc, and platinum resources.
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