Aug 5 2015
Robert Friedland, Executive Chairman of Ivanhoe Mines Ltd., and Lars-Eric Johansson, Chief Executive Officer, announced today that, in accordance with the terms of their existing agreement, Ivanhoe and Zijin Mining Group Co., Ltd. have agreed to extend the date for completion of Zijin's planned investment in Ivanhoe's Kamoa Copper Project in the Democratic Republic of Congo.
The closing date now will be the 15th business day following the satisfaction or waiver of all conditions precedent to the transaction. This supplants the original target date of on or about July 31. The May 26 share acquisition agreement provides for Zijin to acquire, through a subsidiary company, a 49.5% interest in Kamoa Holding Limited for an aggregate consideration of US$412 million, subject to satisfaction or waiver of certain conditions precedent to the transaction. Kamoa Holding is an Ivanhoe Mines subsidiary that presently owns 95% of the Kamoa Project, which is based on Ivanhoe's discovery in the southern DRC province of Katanga.
Ivanhoe and Zijin are continuing to work in a mutually co-operative and constructive manner to complete the Kamoa transaction as soon as possible. The outside date for completion of the transaction is six months from the signing of the agreement, unless Zijin and Ivanhoe Mines agree to extend to a later date or opt for an earlier date.
Ivanhoe also has agreed to sell 1% of its share interest in Kamoa Holding to Crystal River Global Limited, which supports the extended closing.
Source: http://www.ivanhoemines.com/