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.