Ivanhoe Mines

Ivanhoe Mines announced a strategic partnership with China Nonferrous Metal Mining (Group) Co. Ltd (CNMC) to jointly seek out African mining projects for exploration, development or acquisition, and explore manufacturing, smelting and logistics opportunities.

Canada's Ivanhoe Mines and China's CNMC announced a strategic partnership to jointly look for African mining projects to explore, develop or acquire, and to explore production, smelting, and logistics opportunities.

CITIC Metal, a subsidiary of Chinese conglomerate CITIC, agreed to acquire an additional 10 percent stake in Canadian mining company Ivanhoe Mines for C$612 million ($454 million), increasing its stake to 29.3 percent. The investment will help advance the Kamoa-Kakula copper project in DRC.

A unit of Chinese state-run conglomerate CITIC Ltd will buy a near 20% stake in Canada's Ivanhoe Mines for about $723 million (US$555 million). CITIC Metal will own 19.9% of Ivanhoe Mines' outstanding common shares, becoming its largest single shareholder.