- Ivanhoe Mines (IVN) has signed a strategic partnership with China Nonferrous Metal Mining to pursue collaborative opportunities in Africa
- The two companies will jointly examine the exploration, development and acquisition of minerals projects, as well as production, smelting and logistics activities
- Headquartered in Beijing, CNMC’s operations cover more than 80 countries and over 40 types of nonferrous metals
- The partnership form’s part of Ivanhoe’s broader strategy to become a leading supplier of critical metals for the renewable energy revolution
- Ivanhoe Mines (IVN) is currently down 0.97 per cent and is trading at C$5.09 per share
Ivanhoe Mines (IVN) has signed a strategic partnership with China Nonferrous Metal Mining to pursue collaborative opportunities in Africa.
Under the agreement, the two companies will jointly examine the exploration, development and acquisition of mineral projects, as well as production, smelting and logistics activities.
Headquartered in Beijing, China Nonferrous Metal Mining (CNMC) is an expansive operation that covers construction, engineering and mining activities across more than 80 countries, with interests in over 40 nonferrous metals types, including copper, nickel, cobalt, gold, silver, zinc and lead.
Among CNMC’s portfolio of assets is the Lualaba copper smelter, located near the city of Kolwezi in the Democratic Republic of Congo (DRC), which began commercial operations earlier this year.
It is the country’s first modern metallurgical copper smelter, and sits roughly 45 kilometres from Ivanhoe’s Kamoa-Kakula copper joint venture.
Robert Friedland, Co-Chairman of Ivanhoe Mines, said the partnership with CNMC begins with an examination of the synergies between the two companies’ operations.
“Our long-standing relationship with CNMC goes back decades to when Wu Jianchang was the general manager of China National Nonferrous Metals Industry Corporation − a pioneer industrial group specialising in the mining and metallurgy sector.
“They also appreciate that ‘grade is king’ and that the DRC, and indeed all of Africa, has by far and away this planet’s best potential for major, new, high-grade mineral discoveries,” he added.
Wang Tongzhou, Chairman of CNMC, also commented on the partnership, noting that collaboration is the best way to achieve the goals of both companies.
“In these challenging times, the need to work together is more pressing than ever.
“Building on the opportunities created by this agreement and championing the mutually beneficial alliance, I believe that the core projects of each of our companies will soon be realised,” he said.
Ivanhoe Mines (IVN) is currently down 0.97 per cent and is trading at C$5.09 per share at 10:54am EDT.
