| UPDATE 1-Congo says Ivanhoe Mines' Kamoa deal should be suspended (June 16) | |
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(Corrects 4th paragraph of June 16 story to say Kamoa's 15 pct stake sale to Congo will entail a cut in Zijin's share in the mine; removes reference about sale to Zijin diluting Congo's new shares) KINSHASA, June 16 (Reuters) - Democratic Republic of Congo said on Tuesday that Ivanhoe Mines' sale of a stake in the Kamoa copper mine to China's Zijin Mining should be suspended until concerns raised by the government can be resolved. Vancouver-based Ivanhoe announced last month that it would sell a 49.5 percent stake in Ivanhoe subsidiary Kamoa Holding Ltd to China's Zijin Mining Group Co Ltd for $412 million. Kamoa Holding Ltd currently owns 95 percent of the project in Congo's Katanga province. In a statement released on Tuesday, the government, which holds a 5 percent stake in the Kamoa project, said Ivanhoe had promised it an additional 15 percent stake, which it said would entail a reduction of Zijin's share in the mine. "That last transaction should be suspended until the completion of the talks that the government has undertaken," mines minister Martin Kabwelulu and portfolio minister Louise Munga Mesozi said in a statement. The government also vowed to reevaluate the Kamoa mine's legal status in Congo. (Reporting By Aaron Ross; Editing by Joe Bavier, Chris Reese and Leslie Adler)
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Ivanhoe Mines Ltd.
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PRODUCER |
CODE : IVN.TO |
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CUSIP : 46579N 103 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Ivanhoe Mines is a gold and copper development stage company based in Singapore. Ivanhoe Mines produces gold, copper, iron in Australia and in Kazakhstan, develops copper and gold in Mongolia, and holds various exploration projects in Australia. Its main assets in production are SAVAGE RIVER in Australia and BAKYRCHIK in Kazakhstan, its main asset in development is OYU TOLGOI in Mongolia and its main exploration properties are MONYWA in Myanmar and CLONCURRY in Australia. Ivanhoe Mines is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 15.1 billions as of today (US$ 11.1 billions, € 10.3 billions). Its stock quote reached its lowest recent point on January 29, 2016 at CA$ 0.53, and its highest recent level on April 25, 2024 at CA$ 19.22. Ivanhoe Mines has 785 229 952 shares outstanding. |