Ivanhoe Mines and China's Zijin Mining Group Sign Landmark Agreement to Co-Develop the World-Scale Kamoa Copper Discovery in the Democratic Republic of Congo
Zijin to acquire 49.5% of Ivanhoe's Kamoa stake for a total cash consideration of US$412 million
Zijin holds option to acquire an additional 1% share upon successfully arranging project financing for 65% of the first phase of Kamoa's development costs
XIAMEN, CHINA--(Marketwired - May 26, 2015) - Robert Friedland, Executive Chairman of Ivanhoe Mines Ltd. (TSX:IVN), and Lars-Eric Johansson, Chief Executive Officer, announced today that Ivanhoe and Zijin Mining Group Co., Ltd. have agreed to a strategic co-development of the Kamoa copper discovery in the Democratic Republic of Congo.
Under terms of agreements signed in Xiamen, Zijin - through its subsidiary, Gold Mountains (H.K.) International Mining Company Limited - will buy a 49.5% share interest in Kamoa Holding Limited (Kamoa Holding), an Ivanhoe subsidiary that presently owns 95% of the Kamoa Project, for an aggregate consideration of US$412 million (approximately C$506 million).
The purchase price will be satisfied by an initial payment of US$206 million in cash upon the closing of the transaction, which is expected on or about July 31, 2015, and is subject to Zijin's receipt of approvals by the government of the People's Republic of China, and certain other customary closing conditions.
The agreements specify that the remaining US$206 million will be paid in five equal installments, payable every 3.5 months from closing and continuing through the remainder of 2015 and into 2016..
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"This agreement with Zijin, one of the world's most accomplished miners, is further confirmation of Kamoa's distinction as one of the most significant, undeveloped mineral discoveries of our age and charts a course for the realization of significant benefits for all of Ivanhoe's and Zijin's stakeholders as well as the Congolese people. Together with the Congolese government and Zijin, we aim to meet the expectations of the Congolese people and our stakeholders in Katanga as we proceed to build a world-class, new copper mine," said Mr. Friedland.
"The strategic partnership with Ivanhoe announced today, through which we plan to jointly develop Kamoa, will turn our respective strengths into synergies that will create significant value for both Zijin and Ivanhoe shareholders, as well as the societies in which we operate," Mr Chen added..
Quelle: ivanhoemines.com
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