JOHANNESBURG (miningweekly.com) – Africa-focused mining company Ivanhoe Mines has received the fourth of five scheduled payments from Chinese gold, copper and nonferrous metals producer Zijin Mining as part of the latter’s acquisition of a 49.5% stake in Ivanhoe’s Kamoa-Kakula copper project, in the Democratic Republic of the Congo.
The Chinese miner paid an initial $206-million at closing in December 2015, followed by three instalments of $41.2-million each in March, July and October 2016.
It has now paid another $41.2-million, with the fifth instalment of $41.2-million due in May.