Ivanhoe can now finance Kakula and Kipushi mine to commercial production, and significantly advance, or achieve, production at the company’s Platreef Project in South Africa.
CITIC Metal Mining News
This second major cash injection brings the Chinese miner's total investment in Ivanhoe to $1 billion, which gives the Canadian company the equity cushion required to build its massive Kamoa-Kakula copper mine.
The founder of Ivanhoe Mines said the Kamoa-Kakula project is “on track to become one of the absolute greatest copper mining complexes in the world.”
Exploration drilling at the Kamoa North prospect area, which forms part of the company's Kamoa-Kakula mining licence, has defined two new, continuous corridors of shallow and high-grade copper mineralization.
The find, named Makoko, was the first of multiple high-potential target areas identified by the company’s exploration team to be tested by drilling.
Transaction, which gives CITIC a 20% stake in the Canadian miner, has received all necessary approvals and it’s expected to close on Sep. 19
CITIC Metal will own 20% of the Canadian miner, which makes its biggest shareholder.
This is the first statement in which MMG has confirmed its intention to buy Las Bambas.