CITIC Ltd. completed its previously announced C$612 million investment in Ivanhoe Mines Ltd. to increase its stake in the company to 29.4%.
Ivanhoe issued 153,821,507 common shares C$3.98 per share to CITIC Metal Africa. CITIC previously acquired a 19.5% interest in Ivanhoe through a C$723 million investment in 2018.
Ivanhoe fetched an additional C$67 million by issuing another 16,754,296 shares at the same price to Zijin Mining Group Co. Ltd., which exercised its anti-dilution right to maintain its 9.8% stake.
As part of the deal, CITIC Metal Group Ltd. Vice President Manfu Ma joined Ivanhoe's board, according to an Aug. 16 release.
In addition, CITIC Metal Africa and Zijin Mining signed standstill agreements with Ivanhoe over advancing the Kamoa-Kakula copper project to production, as well as the Kipushi zinc, Platreef platinum and Western Foreland copper projects.