Workers at Makoko in the DRC. Credit: Ivanhoe Mines
Ivanhoe Mines (TSX: IVN) has agreed to a $500 million investment from Qatar that gives its sovereign wealth fund 4% of the Canadian copper miner founded by billionaire Robert Friedland.
Ivanhoe Mines plans to issue 57.5 million common shares to the Qatar Investment Authority (QIA) through a private placement at a price of C$12 per share, according to the deal announced on Wednesday. Shares in Ivanhoe were flat at C$13.19 apiece in Toronto on Wednesday morning — about 9% more than the placement offer — valuing the company at C$17.8 billion.
The investment “is a powerful endorsement of Ivanhoe Mines’ vision to be a leading supplier of critical metals that will drive the electrification of the global economy, development of new energy infrastructure, and growth of advanced technologies like large-scale data centres and AI,” executive co-chair…
