QIA invests USD 500 million in Ivanhoe mines

Doha: Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, intends to invest an estimated USD 500 million in the capital...

Doha: Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, intends to invest an estimated USD 500 million in the capital of Ivanhoe Mines.

In accordance with the investment, Ivanhoe Mines will issue 57,516,666 common shares to QIA by way of a private placement at a price of 12.00 Canadian Dollar per share, yielding gross proceeds to Ivanhoe of approximately USD 500 million.

Upon completion of the investment, QIA will own approximately 4 percent of Ivanhoe Mines' issued and outstanding common shares.

In a statement, the company said that it intends to use the proceeds from the investment to advance growth opportunities related to the exploration, development, and mining of critical minerals, as well as for general corporate purposes.

Speaking on the occasion, QIA CEO, Mohammed Saif Al Sowaidi said: "This strategic investment reflects QIA's conviction not only in Ivanhoe Mines' world-class portfolio of tier-one assets, but more importantly, in supporting its team in finding, developing, and sustainably supplying the critical minerals essential to the global energy transition and advanced technology applications."