[miningmx.com] – IVANHOE Mines nearly doubled it cash and cash equivalents when it issued shares worth C$105m ($83m) to China-based Zijn Mining Group, it emerged in the firm’s annual results published on March 27.
Cash and cash equivalents totalled $111m as of December 31 of which most was set aside for investment in the company’s Platreef project in South Africa. Ivanhoe Mines is also developing the Kamoa copper project in the Democratic Republic of Congo.
For the current year, it had targeted the finalisation of phase one of the prefeasibility study and the construction of a twin decline system at the Kamoa project subject to funding. It also intended to start a feasibility study and complete the Shaft 2 design at the Platreef Project.
