IVPAF= Ivanhoe Mines Ltd Ready for more gains
Vancouver, British Columbia--(Newsfile Corp. - August 7, 2019) - Ivanhoe Mines (TSX: IVN ) (OTCQX: IVPAF ) announced today that the company is not aware of any company-specific reason that might be contributing to the recent decline in the company's share price.
CITIC Metal Africa Investments Limited's (CITIC Metal Africa) C$612 million ($464 million) second equity investment in Ivanhoe Mines is scheduled to close on August 16, 2019. The private placement transaction at a price of C$3.98 per share now has received all necessary internal approvals, as well as recordals and registration with Chinese government regulatory agencies. CITIC Metal Africa is a direct subsidiary of CITIC Metal Co., Ltd. (CITIC Metal).
Ivanhoe's joint-venture partner at Kamoa-Kakula, Zijin Mining Group Co., Ltd., exercised its existing anti-dilution rights on May 15, 2019, at a price of C$3.98 per share, which will yield additional proceeds to Ivanhoe of C$67 million (approximately $51 million) to be received concurrently with the CITIC Metal Africa private placement.
Upon closing, the additional funds from CITIC Metal Africa and Zijin Mining will position Ivanhoe to fully finance its share of the capital costs to bring the Kakula Copper Mine to commercial production.
AVERAGE ANALYSTS PRICE TARGET $7.71
AVERAGE ANALYSTS RECOMMENDATION BUY
P/E RATIO 71