May 30, 2024
CITIC Metal to sell up to 2% stake in Ivanhoe Mines
In a press release via the Shanghai Stock Exchange, CITIC said it has received board approval to sell at most 25,390,428 shares, or 2% of Ivanhoe’s outstanding share capital. Shareholder approval for the divestment will be sought in a meeting scheduled for June 11. Assuming CITIC gains the approval and sells the maximum amount, it will then hold approximately 289.3 million shares, for a 22.78% shareholding in Ivanhoe. The announcement by CITIC comes at a time when the Canadian government is placing higher surveillance on foreign money flowing into its critical minerals sector, with extra scrutiny on those coming from China.