The Globe and Mail reports in its Tuesday, Aug. 30, edition that Ivanhoe Mines ($1.91) plans
to hire a banker and get "strategic
advice" to deal with the unsolicited
interest it has received in recent
months.
The Globe's Bertrand Marotte and Rachelle Younglai write that stock promoter and chairman Robert Friedland says the bank's mandate
will be to advise the board on
all options for Ivanhoe.
He says, "The mining industry has taken
notice of our company."
He says Ivanhoe has received "a number of unsolicited
inquiries from significant mining
industry participants in Asia,
Europe, Africa and elsewhere."
One of Ivanhoe's main assets is
the Kamoa copper project in the
Democratic Republic of the Congo.
Ivanhoe and China's Zijin
Mining Group jointly own
95 per cent of Kamoa through a
holding company, with the DRC
government owning a 5-per-cent
interest.
Although weak copper prices
have made it difficult for companies
to offload lower-quality copper
mines, there is demand for
top-tier assets.
It is unknown whether Mr. Friedland
aims to sell the entire company,
or just specific assets such
as Kamoa or the miner's Platreef
platinum-palladium-gold-nickel-copper
discovery in South Africa.
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