Democratic Republic of Congo – TSX-listed Ivanhoe Mines and Zijin Mining Group 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 to the 15th business day following the satisfaction or waiver of all conditions precedent to the transaction have been met.
This supplants the original target date of July 31.
The share acquisition agreement, signed in May, provides for Zijin to acquire, a 49.5% interest in Kamoa Holding, through a subsidiary company, for an aggregate consideration of US$412 million, subject to satisfaction or waiver of certain conditions precedent to the transaction.
Kamoa Holding, an Ivanhoe Mines subsidiary, presently owns 95% of the Kamoa copper project.
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, which supports the extended closing.