Zijin Mining increases its stake in Kamoa-Kakula Copper Mine and Citic Metals becomes the main shareholder

Published: Oct 9, 2019 09:21

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Zijin Mining, one of China's largest mining groups, bought a stake for about C $194 million (US $146 million), raising its stake in Canada's Ivanhoe Mining from 9.8 per cent to 13.88 per cent. Zijin has a direct stake of 36.9 per cent in its Kamoa-Kakula copper project, which is expected to become the world's second-largest copper mine and is expected to start production by the end of 2021, according to an independent pre-feasibility study released in February. Copper production is expected to reach 700000 metal tons.

SMM10, April 9-Zijin Mining, one of China's largest mining groups, bought 35.7 million shares in Citic Metals and 12.9 million shares in Ivanhoe Mining (Ivanhoe Mines) from Citic Metals and Ivanhoe Mining founder Robert Friedland for about C $194 million (US $146 million), increasing its stake in Canada's Ivanhoe Mining from 9.8 per cent to 13.88 per cent. The move means Robert Friedland's stake in the company has fallen to 13.2 per cent, making Zijin Mining and Citic Metals two major shareholders.

And Zijin has a direct stake of 36.9 per cent in its Kamoa-Kakula copper project, which is expected to become the world's second-largest copper mine by the end of 2021, according to an independent pre-feasibility study released in February. Copper production is expected to reach 700000 metal tons.

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