Ivanhoe closes C$575m private placement
Canadian mining company Ivanhoe Mines has closed a previously announced private placement offering of 47.92-million Class A shares at a price of C$12 apiece for gross proceeds of C$575-million.
Ivanhoe will use the net proceeds to fund exploration, working capital and for general corporate purposes.
"We would like to extend our gratitude to the major institutional shareholders of Ivanhoe for cornerstoning the offering. The financing reinforces our strong balance sheet, taking our cash balance to over $600-million. The funding enables us to quadruple our exploration budget into next year, following the recent and ongoing exploration successes at the district-scale Western Foreland exploration project in the Democratic Republic of Congo (DRC).
"We would also like to thank the many women and men of Ivanhoe, whose tireless efforts made 2023 a pivotal year for the company. 2024 will be an important turning point in Ivanhoe’s history, with Kamoa-Kakula’s Phase 3 expansion and smelter, as well as Platreef Phase 1 and Kipushi, all on track for completion within the year,” comments co-chairperson Robert Friedland.
Ivanhoe is focused on the continued expansion of the Kamoa-Kakula copper complex, in the DRC; the restart of the Kipushi zinc/copper/gernanium/silver mine, in the DRC; and the construction of its Platreef palladium/nickel/platinum/rhodium/copper/gold project, in South Africa.
It is also exploring for new copper discoveries across its 2 400 km2 of 80%- to 100%-owned licences, as well as on the 247 km2 of newly acquired joint venture licenses, in the Western Foreland, which is adjacent to the Kamoa-Kakula copper complex.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation