Canada-based Ivanhoe Mines, which has lost about 20% of its market share since the end of July, said on Tuesday that it was not aware of any company-specific reason for the recent decline in its share price.
The Southern Africa-focused miner’s TSX shares have fallen from C$2.59 apiece on July 31, to C$2.03 apiece at the close of market on Monday. Since August 14, the stock declined by about 10%.
Ivanhoe said in a statement that CITIC Metal’s C$723-million private placement remained on track to close next month and that Zijin Mining – its joint venture partner at the Democratic Republic of Congo-based Kamoa-Kakula project – had exercised its anti-dilution rights, which would result in additional proceeds of C$78-million.
The firm stated that it had about $165-million of working capital.
In terms of exploration, Ivanhoe said that it continued to advance its exploration and development activities on accelerated timetables. Its exploration is focused on drilling high-priority targets in the Western Foreland and Kamoa North target areas.