JOHANNESBURG (miningweekly.com) – TSX-listed Ivanhoe Mines and Zijin Mining Group have extended the completion date for Zijin's planned investment in Ivanhoe's Kamoa copper project, in the Democratic Republic of Congo, to 15 business days after the satisfaction or waiver of all conditions precedent to the transaction have been met.
This supplanted the original target date of July 31.
The share acquisition agreement, which was signed on May 26, would see Zijin acquire a 49.5% interest in Kamoa Holding, through a subsidiary company, for $412-million, subject to satisfaction or waiver of certain conditions precedent to the transaction.
Kamoa Holding, an Ivanhoe Mines subsidiary, presently owned 95% of the Kamoa project.
“Ivanhoe and Zijin continue to work in a mutually cooperative 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,” the company said in a statement.
Ivanhoe also agreed to sell 1% of its share interest in Kamoa Holding to Crystal River Global, which supported the extended closing.