(Ivonhoe Mines News) BEIJING, CHINA – Robert Friedland and Yufeng “Miles” Sun, Co-Chairmen of Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF), announced todaythatfurther to the company’s news release on April 25, 2019, where it announced that CITIC Metal, through a subsidiary, is investing an additional C$612 million (US$454 million) in Ivanhoe at C$3.98 per share, Zijin Mining Group Co., Ltd. has fully exercised its anti-dilution rights, also at C$3.98 per share, generating additional proceeds for Ivanhoe Mines of C$67 million (US$49 million).

The combined proceeds of more than C$679 million (US$503 million) from CITIC Metal and Zijin Mining are expected to be received no later than September 7, 2019, positioning Ivanhoe to finance its first two mines ─ Kakula and Kipushi ─ to commercial production, and significantly advance, or achieve, production at the Platreef Project.

Zijin Mining is Ivanhoe’s joint-venture partner at the Kamoa-Kakula copper project in the Democratic Republic of Congo. Zijin’s exercise of its anti-dilution rights will maintain its ownership in Ivanhoe Mines at 9.8%.

Zijin’s Chairman Chen Jinghe nominated to Ivanhoe’s Board of Directors

Mr. Friedland and Mr. Sun also announced that Chen Jinghe, Chairman of Zijin Mining, has been nominated for election to Ivanhoe’s Board of Directors at its Annual and Special Meeting of Shareholders to be held on June 28, 2019.

“I am delighted that Chairman Chen has accepted our invitation to join our board, further enhancing our strategic cooperation with Zijin Mining, one of China’s largest mineral producers,” said Mr. Friedland. “His nomination reflects the strong working partnership between Ivanhoe and Zijin as we jointly develop the tier-one Kamoa-Kakula copper discoveries.”

Mr. Sun added: “Chairman Chen is widely-respected in the mining industry in China and abroad. His strong geological background has endowed him a great vision in finding, investing and operating many great mining deposits around the world, including the successful investment in Kamoa-Kakula during an early stage of discovery and development. Chairman Chen’s track record in growing Zijin Mining from a single asset company to an international diversified mining enterprise will provide hands-on experience to Ivanhoe Mines as the company transitions to a producer.”

Mr. Chen is the founder of Zijin Mining and has been its Chairman since 2000. He is a professor-grade senior engineer, and was the main exploration organizer and discoverer of the Zijinshan Mine in the 1980s, the largest open-pit gold and copper mine in China. Mr. Chen graduated from Fuzhou University with a Bachelor’s degree in Geology and obtained an Executive MBA degree from Xiamen University.

The Original News Link is https://ivanhoemines.com/news/2019/zijin-mining-exercises-its-anti-dilution-rights-generating-additional-proceeds-for-ivanhoe-mines-of-c-67-million-us-49-million/