Zijin Mining Group's share of Canadian company Ivanhoe Mines will increase to 13.88% following the completion of a private share purchase and sale transaction, positioning Zijin Mining and Citic Metal as the two largest shareholders, Ivanhoe said on Tuesday October 8.
Citic Metal Africa and Robert Friedland, currently the two main shareholders in Ivanhoe, have agreed to sell a portion of their shareholdings to Zijin Mining.Once this is achieved, Citic Metal Africa's share will fall to 26.4% but that company will still be the main shareholder. Robert Friedman's share will fall to 13.2%, with Zijin Mining's greater ownership making it the second-largest shareholder.The transaction must still be approved by the Chinese government's regulatory authorities, which has been standard practice in previous dealings involving...