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Zijin increases Invanhoe Mines stake, CEO named

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(Kitco News) - Chinese miner Zijin Mining will increase its share in Ivanhoe Mines to 13.88% in a private share purchase and sale transaction with CITIC Metal Africa and Robert Friedland.

The change in share ownership was announced Tuesday by Ivanhoe.

After the closing of the transaction, CITIC Metal Africa will own approximately 26.4% of Ivanhoe’s issued and outstanding shares, Robert Friedland will own approximately 13.2%, and Zijin will own 13.88%.

A Zijin official is also joining the leadership team. David Li of Zijin Mining have been appointed as Kamoa-Kakula’s co-chief financial officers.

The company also said that Mark Farren will become CEO of the Kamoa-Kakula Copper Joint Venture. Farren joined Ivanhoe in 2014. He previously spent 22 years at Johannesburg-based Anglo American Platinum (Amplats). Warwick Morley-Jepson will become the chief operating officer.

Initial copper concentrate production from the Kakula Mine, the first of at least three mines planned at Kamoa-Kakula, currently is scheduled for the third quarter of 2021.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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