Zijin Mining acquires 49.5% of Ivanhoe’s Kamoa Copper Project Stake for a total aggregate consideration of US$412 million

Originally announced on May 26, 2015, on December 8, 2015, Zijin Mining Group Co., Ltd. (Zijin) announced it had completed the acquisition of 49.5% of Kamoa Holding Limited, a wholly owned subsidiary of Ivanhoe Mines Ltd. (Ivanhoe), for a total aggregate consideration of US$412 million (approximately C$568 million). Zijin and Ivanhoe have agreed to a strategic co-development of the Kamoa copper discovery in the Democratic Republic of Congo. Zijin is a large-scale mining group headquartered in Shanghang County, in China’s Fujian Province. It is one of the largest gold producers, second largest mineral copper producer and a significant zinc, tungsten and iron ore producer in China. Zijin trades on the Shanghai and Hong Kong stock exchanges and has a market capitalization of more than US$11 billion. Fasken Martineau advised Zijin with a team that included Michael Boehm, Lei Huang, Daye Kaba, John Turner, Michael Bourassa, Kadiatou Sow, Alexandra Lazar (M&A/Corporate), Samuel Rickett and Murray Brathwaite (Litigation).