Ivanhoe Mines Responds to Misleading Bloomberg Headline

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) is responding to a headline published on December 20, 2022, by Bloomberg related to Mr. Vidiye Tshimanga and Ivanhoe's supposed "link" to this individual. The Bloomberg headline infers that Ivanhoe Mines has a business relationship with a company controlled by Mr. Tshimanga, and further infers that Ivanhoe is in some way involved in an ongoing "copper corruption" case in the Democratic Republic of Congo (DRC), which is not true.

Due to the recent adverse impact of this headline on Ivanhoe Mines' share price, the company would like to make a statement surrounding this matter as follows.

In April 2021, Ivanhoe Mines signed a term sheet with Congo Bantu Mining SARL (Cobamin), a company in which Mr. Tshimanga is a shareholder. The term sheet envisaged an earn-in for three exploration permits held by Cobamin. Ivanhoe Mines followed its internal anti-corruption processes and had due diligence carried out by a London-based consultant as well as a review by a major US law firm and a DRC legal adviser.

For more than a year after the execution of the term sheet, Ivanhoe Mines tried to negotiate final agreements with Cobamin. These final agreements were never signed, considering that Cobamin kept on renegotiating the terms initially set out in the term sheet. No payment was made to Cobamin under this proposed agreement.

On September 3, 2022, Ivanhoe Mines filed a request for arbitration, as well as an application for emergency measures against Cobamin with the International Chamber of Commerce (ICC). On September 15, 2022, while the arbitration process was underway, a video of Mr. Tshimanga was posted on social media as referenced in the Bloomberg article dated December 20, 2022.

It is expected that the main arbitration will commence during the first quarter of 2023. Ivanhoe Mines will then have to take a position on whether it wishes to confirm its existing request for specific performance, whether it wishes to convert its request into a request for damages, or whether it wishes to drop the arbitration.

Ivanhoe Mines is working with its legal counsel to determine the best path forward for its shareholders in terms of this arbitration proceeding. It should be noted that this matter does not relate whatsoever to Ivanhoe's existing projects in the DRC, including the Western Foreland Exploration Project licences.

Ivanhoe Mines is not involved with the referenced DRC corruption case against Mr. Tshimanga, and the only "link" the company has to the individual is through the term sheet with Cobamin and the ongoing arbitration process.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the major new, mechanized, underground mines at the Kamoa-Kakula Mining Complex in the DRC, the development of the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa; and the restart of the historic Kipushi zinc-copper-germanium-silver mine, also in the DRC.

Information Contact

Vancouver: Matthew Keevil +1.604.558.1034

London: Tommy Horton +44 7866 913 207

Website www.ivanhoemines.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/148886

News Provided by Newsfile via QuoteMedia

IVN:CA,IVPAF
The Conversation (0)
Corazon Mining

Corazon Mining


Keep reading...Show less
Billboard with the word "tariffs" and stars against a cloudy sky.

Trump's Copper Tariffs: Market Impact and How to Invest

Tariffs have been central to Donald Trump’s presidency even before he assumed office at the start of 2025.

From his perspective, levies on nearly all US imports are meant to balance a trade deficit with major partners, including Canada, Mexico, the EU and the UK, while stimulating domestic production in key sectors.

Trump has put forward other reasons for tariffs as well, saying he wants to stem the flow of illegal drugs and immigration, and mentioning broader national security concerns. How effective tariffs would be at controlling these issues is unclear, but they have sown uncertainty and chaos through global financial markets.

Keep reading...Show less
Copper ore in foreground, with world map showing countries in copper on black background.

Top 5 Copper Reserves by Country

Copper has become a hot topic due to its role in the green energy transition and its necessity for urbanization. However, the lack of incoming supply in the long term has experts concerned.

Due to its importance in construction, energy transmission and new technologies, copper is a critical metal needed to power the future of our society. However, mined supply has not kept pace with demand, with few new operations coming online, and older mines facing decreasing grades and lower outputs.

The term “peak copper” was coined because some experts believe that copper reserves may be diminishing. According to the US Geological Survey (USGS), more than 700 million metric tons of copper have been mined throughout history, and current economic global copper reserves stand at 980 million metric tons.

Keep reading...Show less

Latest Press Releases

Related News

×