Ivanhoe Mines Ltd. (OTC Pink: IVPAF) is engaged in the exploration, development, and extraction of minerals and precious metals within Africa. The Africa-based mining company is seeing shares rally 11% during early trading on Monday, August 29, 2016. Over the past three months, Ivanhoe Mines Ltd. has seen average daily volume of around 199,217 exchange hands. However, nearly 212,150 shares or dollar volume of $301,750 has already exchanged hands during early Monday trading.
Ivanhoe Mines Ltd are seeing shares rally Monday after management notified investors that the company has received “unsolicited interest” from companies based in Asia, Europe, and Africa. Management would not give out any names of the companies that have expressed interest, but managers did note that they are in the process of hiring bankers to take a deeper look into the expressed interest. Here is the press release detailing of the interest:
Ivanhoe Mines Ltd Press Release:
Aug 29 (Reuters) – Canadian copper miner Ivanhoe Mines Ltd said on Monday that companies from Asia, Europe, Africa and elsewhere had expressed interest in the company and its projects in recent months.
Ivanhoe Mines said it would hire an investment bank to seek advice on the unsolicited interest and to advise its board on all available alternatives.
The miner, which had a market value of about C$1.30 billion (nearly $1 billion) as of Friday’s close, did not name the companies or provide any other details on the expressions of interest.
Ivanhoe Mines said it is giving investors and banking analysts tours of its projects, including of the Kakula Discovery – a high-grade copper discovery in the Democratic Republic of Congo.
The Kakula Discovery is part of Ivanhoe’s Kamoa Copper Project, which is thought to be the world’s largest untouched high-grade copper discovery.
Ivanhoe Mines said in October it expects production at the Kamoa project to begin by the end of 2018. ($1 = C$1.3019) (Reporting by Anet Josline Pinto in Bengaluru; Editing by Savio D’Souza)