China's Zijin Mining Group is set to purchase a 9.9 percent stake in Ivanhoe Mines Ltd for about C$105 million ($83.77 million) and is in "detailed" talks on jointly developing Ivanhoe's copper project in central Africa, the two companies said on Monday.Shares in Ivanhoe Mines, which is led by the mining financier Robert Friedland and also owns a large platinum deposit in South Africa and zinc assets in the Democratic Republic of Congo, soared 17 percent to C$1.14.Zijin and Vancouver-based Ivanhoe have agreed to explore opportunities to collaborate on Ivanhoe's three projects, Friedland said."In particular, Ivanhoe and Zijin are in detailed, friendly discussions about the strategic co-development of our Kamoa copper discovery in the Democratic Republic of Congo," Friedland said in the joint statement.
Ivanhoe Mines Ltd. is a mineral exploration and development company focused on the exploration, development and recovery of minerals and precious gems from its property interests located primarily in Africa and Australia. Shares of IVN traded higher by 16.49% or $0.16/share to $1.13. In the past year, the shares have traded as low as $0.67 and as high as $2.04. On average, 814838 shares of IVN.TO exchange hands on a given day and today's volume is recorded at 2025341.