CITIC Completes Due Diligence on Ivanhoe Mines Deal

Jul. 09, 2018 08:43AM PST

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.

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