Chinese mining firm Zijin has announced intent to increase its stake in Canada-based company Ivanhoe Mines to 13.88%.

The private share purchase and sale transaction will be reached with China’s CITIC Metal Africa and Canadian mining billionaire Robert Friedland.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Upon completion of the deal, CITIC Metal Africa will own nearly 26.4% of Ivanhoe’s issued and outstanding shares while Robert Friedland will hold 13.2%.

Robert Friedland said: “This rebalancing share purchase and sale agreement once again proves the high level of trust and strategic cooperation between Ivanhoe Mines, CITIC Metal and Zijin Mining.”

The transaction is dependent on recordals and registrations with Chinese Government regulatory agencies expected in two months.

After closing the transaction, Zijin and Ivanhoe Mines are expected to sign an investor rights agreement. Zijin’s chairman Chen Jinghe will be appointed as one of the directors at Ivanhoe.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Zijin will also enter lock-up arrangements. Meanwhile, the transaction will not affect the existing standstill agreements between CITIC Metal and Friedland.

The move follows the strengthening of the executive management team of the Kamoa-Kakula Copper Joint Venture (JV).

The JV is between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the DRC Government (20%).

The Kakula mine project is being developed through co-funding from Ivanhoe Mines and Zijin Mining. The project at Kamoa-Kakula involves at least three mines with the first planned for the third quarter of 2021.