JOHANNESBURG (miningweekly.com) — TSX-listed Ivanhoe Mines has received the second installment of $41.2-million from a subsidiary of Zijin Mining Group as part of the subsidiary’s acquisition of 49.5% of Ivanhoe’s stake in the Kamoa copper discovery in the Democratic Republic of Congo.
Zijin – through its subsidiary Gold Mountains International – agreed to pay $412-million for the 49.5% interest in Ivanhoe subsidiary Kamoa, which presently owned 95% of the Kamoa project.
Zijin paid an initial $206-million at closing in December last year, followed by the payment of the first of five scheduled $41.2-million installments in March.
The receipt of the second installment from Zijin increased Ivanhoe’s consolidated working capital to $455-million.
The remaining $123.6-million would be settled in three further equal installments, every three-and-a-half months, with the next installment due on October 24.