Baker McKenzie has advised a unit of Chinese state-run conglomerate CITIC on its agreement to invest an additional C$612 million ($453.77 million) in Canadian miner Ivanhoe Mines, with Stikeman Elliott advising the seller.

With this deal, CITIC Metal brought its total investment in Ivanhoe to about C$1.3 billion, Reuters reported. The Chinese company, currently Ivanhoe’s largest shareholder with a near 20 percent stake, will come to own about 30 percent after the deal closes.

Reuters added that in June last year, CITIC Metal had said it would buy a near 20 percent stake in Ivanhoe for about C$723 million to advance projects in southern Africa, including in the Democratic Republic of Congo.

The Bakers team was led by partners Bee Chun Boo in Beijing and Greg McNab in Toronto. Bakers had also advised CITIC Metal on the earlier Ivanhoe deal. The Stikeman team was led by partner Steven D. Bennett.

Another Canadian firm, Fasken Martineau DuMoulin, advised a second Chinese company, Zijin Mining as part of the deal, which saw Zijin investing an additional $50 million by exercising anti-dilution rights. The Fasken team was led by partners John Turner, Michael Boehm and Janet Howard.

 

To contact the editorial team, please email ALBEditor@thomsonreuters.com. 

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