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Ivanhoe in strategic talks with mining companies, investors on assets

Ivanhoe Mines Ltd. said March 21 that it is in strategic discussions with "significant" mining companies and investors regarding its assets.

Shares in the company were up over 9% in Toronto.

Several investors that have expressed interest have no material limit on the provision of capital, Ivanhoe noted, but there can be no assurance that any transaction will be completed.

The company is developing the Kamoa-Kakula copper project in the Democratic Republic of the Congo and the Platreef platinum group metals-nickel-copper project in South Africa. In late 2017, it also outlined plans for the revival of its Kipushi zinc-copper-silver-germanium project in the DRC.

Ivanhoe had US$181.4 million in cash and cash equivalents as at Dec. 31, 2017. Currently, it has consolidated working capital of around US$181.9 million, compared to US$364.8 million as at Dec. 31, 2016.

This year, the company expects to spend an additional US$64 million to develop Platreef, US$62 million at Kipushi, US$76 million at Kamoa-Kakula and another US$12 million on regional exploration in the DRC.

Ivanhoe said that the continuation of the company as a going concern relies on establishing profitable operations, and the ability to obtain further financing to develop its projects.

The company swung to a total comprehensive profit of US$285.3 million in the fourth quarter of 2017 from a year-ago loss of US$18.0 million in 2016. The results were attributable mainly to the reversal of the impairment of mineral property and other items of US$286.3 million at Kipushi.