Investing.com - Financial Markets Worldwide
✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

Congo drops objections to Ivanhoe Mines' copper deal

Published 2015-09-22, 02:57 p/m
© Reuters. Congo drops objections to Ivanhoe Mines' copper deal
HG
-
IVN
-
601899
-

KINSHASA, Sept 22 (Reuters) - Democratic Republic of Congo's
government supports Ivanhoe Mines' IVN.TO $400 million sale of
a stake in its Kamoa copper mine to China's Zijin Mining
601899.SS , it said on Tuesday, dropping earlier objections to
the deal.
The sale is a pre-requisite for the development of Kamoa,
which is thought to be the world's largest untouched high-grade
copper discovery. A feasibility study on the Kamoa project is
expected at the end of next year.
In a statement, mines minister Martin Kabwelulu and
portfolio minister Louise Munga Mesozi added that Ivanhoe had
agreed to sell an additional 15 percent stake in the mine to the
government, which currently controls five percent.
The government said in June that Vancouver-based Ivanhoe's
sale in May of a nearly 50 percent stake in the copper project
in southeastern Congo to Zijin for $412 million should be
suspended until concerns over the purchase of its own stake were
addressed.
It was not exactly clear what the government's objections
were, although industry sources said they wanted guarantees on
their own stake first.
The conditions of the sale to the government still needed to
be finalized in a contract with Ivanhoe subsidiary Kamoa Holding
Limited and the mine, the statement said.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.