Ivanhoe Mines announces $150M equity financing for Congo mines

|About: Ivanhoe Mines Ltd. (IVPAF)|By:, SA News Editor

Ivanhoe Mines (IVPAF) says it plans to issue 83.3M units priced at $1.50 each to raise $150M to fund planned work on its Kamoa and Kipushi projects in the Democratic Republic of Congo this year.

Also, executive chairman Robert Friedland says he will buy $25M of units on the same terms as the public offering.

Longer-term, Ivanhoe will need much more capital to develop its projects and is looking at splitting apart its assets in South Africa and the Congo.