The Qatar Investment Authority (QIA) will be investing $500 million in the Toronto-listed Ivanhoe Mines by way of a private placement at a price of 12 Canadian dollars ($8.72) per share.

Ivanhoe Mines will issue 57,516,666 common shares to the Qatar sovereign wealth fund.

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

Ivanhoe Mines 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.

Closing of the investment is subject to customary conditions, including approval of the TSX.

At the closing of the investment, QIA and Ivanhoe Mines will enter into an investor rights agreement which entitles QIA to certain rights, including to board representation and information rights should its ownership rise above 10%.

Ivanhoe Mines stated the company and QIA are intending to collaborate on further strategic partnerships.

The Canadian mining company is focused on advancing three principal projects in Southern Africa including two copper mines in the DRC, and a platinum, gold, copper mine in South Africa, which is set to start production in Q4 2025.

(Writing by Bindu Rai, editing by Brinda Darasha)

bindu.rai@lseg.com