| Ivanhoe Mines to meet with Congo government over Kamoa deal | |
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TORONTO, May 28 (Reuters) - Ivanhoe Mines Ltd's chief executive said on Thursday that he will meet with officials from the Democratic Republic of Congo (DRC) this weekend to address any "misunderstandings" around his company's deal to sell nearly half of its Komoa copper project. The government opposes the transaction, according to media reports, because it was not consulted on Zijin Mining Group Co Ltd's agreement to buy a 49.5 percent stake in Ivanhoe subsidiary Kamoa Holding Ltd, which owns 95 percent of the DRC copper project. Ivanhoe Chief Executive Lars-Eric Johansson said on a conference call on Thursday to discuss the $412 million Zijin deal that he will lead a group of senior executives to Kinshasa, but was unaware of any required government approval. The Zijin partnership had been discussed with government and mining officials before final negotiations began, Johansson said, adding that the transaction is not expected to close until late July. The government holds a 5 percent stake in Kamoa and has been offered a bigger share, Ivanhoe said. "We have written a letter to the president offering to sell up to 15 percent of the project," said Ivanhoe Chairman Robert Friedland. "That is on terms to be mutually agreed, and I have every expectation that we will do exactly that and hopefully sooner than later," A feasibility study on the Kamoa project is expected at the end of next year. (Reporting by Susan Taylor; Editing by Jonathan Oatis)
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Ivanhoe Mines Ltd.
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PRODUCER |
CODE : IVN.TO |
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CUSIP : 46579N 103 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Ivanhoe Mines is a gold and copper development stage company based in Canada. Ivanhoe Mines produces gold, copper, iron in Australia and in Kazakhstan, develops copper and gold in Mongolia, and holds various exploration projects in Australia. Its main assets in production are SAVAGE RIVER in Australia and BAKYRCHIK in Kazakhstan, its main asset in development is OYU TOLGOI in Mongolia and its main exploration properties are MONYWA in Myanmar and CLONCURRY in Australia. Ivanhoe Mines is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 14.1 billions as of today (US$ 10.3 billions, € 9.3 billions). Its stock quote reached its lowest recent point on January 29, 2016 at CA$ 0.53, and its highest recent level on September 18, 2024 at CA$ 17.93. Ivanhoe Mines has 785 229 952 shares outstanding. |