Ivanhoe co-chairperson Robert Friedland
Photo by: Bloomberg
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.