March 23, 2015 / 12:52 PM / 2 years ago

Zijin Mining to acquire minority stake in Ivanhoe Mines

1 Min Read

TORONTO, March 23 (Reuters) - Ivanhoe Mines said on Monday that China's Zijin Mining Group is set to buy a 9.9 percent stake in Ivanhoe, which owns a large platinum deposit in South Africa, along with a couple of base metal assets in the Democratic Republic of Congo.

Under the terms of the deal, Ivanhoe Mines, which is led by well-known mining financier Robert Friedland, will issue roughly 76.8 million common shares to Zijin via a private placement at a price of C$1.36 per share.

The deal will raise about C$105 million ($83.6 million) for Vancouver-based Ivanhoe.

$1 = 1.2560 Canadian dollars Reporting by Euan Rocha; Editing by Bernadette Baum

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