CITIC Metal Co. Ltd., a Chinese niobium products and non-ferrous metals distributor, has entered an agreement to infuse a further C$612 million ($454 million) in Canadian miner Ivanhoe Mines Ltd.
Under the terms of the transaction, Ivanhoe will issue 153.8 million shares to CITIC at $2.95 per share, which will boost CITIC Metal Co.'s stake in Ivanhoe to 30 percent.
The investment will enable Ivanhoe to speed up production at its projects in Southern Africa, including in the Democratic Republic of Congo.
The latest commitment brings the total commitment made by CITIC Metal, a unit of Chinese financial services to energy company CITIC Ltd., in Ivanhoe to around $965 million.