Morning guys , with so much commentary about the New Mining Tax Code just signed into law in the DRC ( Although it beens talked about for the last 12 Months ) This would be a good time to take note that some of the biggest players on the Planet are still piling Cash into the DRC , Whats that tell you
China's CITIC to buy 20% stake in Ivanhoe Mines for $723 million
A unit of Chinese state-run conglomerate CITIC Ltd will buy a near 20 per cent stake in Canada’s Ivanhoe Mines for about $723 million (US$555 million), the companies said on Monday.
Ivanhoe said it will use the proceeds to advance projects in southern Africa, including in the Democratic Republic of Congo.
Copper miners including Invahoe have threatened legal action if their concerns over a new mining code in Africa’s top copper producer Democratic Republic of Congo is not met.
The code was set to be signed into law by Democratic Republic of Congo’s prime minister last week.
Under the deal, the Canadian miner will issue 196.6 million shares to CITIC Metal through a private placement at a price of $3.68 per share.
CITIC Metal will own 19.9 per cent of Ivanhoe Mines’ outstanding common shares when the placement is completed, establishing CITIC Metal as Ivanhoe’s largest single shareholder.
Funny really , so much posturing from the big miners , like a massive dummy spit because they are not getting there way
But they still have enough faith to pile in Billions of dollars even though the new Code is now Law
