June 11, 2018 / 12:45 PM / 4 months ago

China's CITIC to buy 20 pct stake in Ivanhoe for C$723 mln

June 11 (Reuters) - A unit of Chinese state-run conglomerate CITIC Ltd will buy a near 20 percent stake in Canada’s Ivanhoe Mines for about C$723 million ($555 million), the companies said on Monday.

Under the deal, the Canadian miner will issue 196.6 million shares through a private placement at a price of C$3.68 per share.

Ivanhoe said it will use the proceeds to advance its projects in southern Africa and for working capital. ($1 = 1.3013 Canadian dollars) (Reporting by Parikshit Mishra in Bengaluru Editing by Saumyadeb Chakrabarty)

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