Chinese SOE CITIC Metal to Acquire 19.9% Stake in Ivanhoe Mines Ltd.

Chinese company CITIC Metal Co. Ltd., a wholly owned subsidiary of Chinese state-owned enterprise CITIC Ltd., has agreed to acquire a 19.9 per cent stake in Vancouver, B.C.-headquartered Ivanhoe Mines Ltd. for C$723 million. The mining company intends to use the new funds for the development of its projects in southern Africa and the Democratic Republic of Congo. Under the deal, CITIC Metal will become Ivanhoe's largest single shareholder, while Robert Friedland, executive chairman of Ivanhoe, will be the company's second-largest shareholder. CITIC Metal will also have the right to nominate two directors to Ivanhoe's expanded 11-member board, while Sun Yufeng, president of CITIC Metal Group, is expected to become a co-chairman, a position he will share with Friedland.

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