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Ivanhoe Mines announced today (July 9) that CITIC has completed its due diligence and has received CITIC internal approvals to complete the investment agreement with Ivanhoe Mines valued at C$723 million.
Robert Friedland, Executive Chairman of Ivanhoe Mines (TSX:IVN), and Lars-Eric Johansson, Chief Executive Officer, announced today that CITIC
Metals, a wholly-owned subsidiary of CITIC (HKEX:0267), has completed its confirmatory due diligence and has received CITIC internal approvals necessary to complete the long-term, strategic cooperation and investment agreement with Ivanhoe Mines valued at C$723 million.
According to Ivanhoe the funds will be used to advance the company’s three development projects in Southern Africa.
Ribert Friedland said:
“Working together, we will build innovative, environmentally-and socially-responsible mines that will contribute to economic transformations in Southern Africa and China.”
Click here to read the full Ivanhoe Mines (TSX:IVN) press release.