China’s Zijin Mining said it would spend C$194m ($146m) to increase its stake in Ivanhoe Mining, eclipsing its billionaire founder Robert Friedland to become the second-largest shareholder of the company developing a large copper mine in the Congo.
Zijin said it would buy a total of 49m shares in Ivanhoe from Mr Friedland and China’s CITIC Metal, taking its stake to 14 per cent.
The purchase will reduce Mr Friedland’s stake in Ivanhoe to 13.2 per cent, leaving two large Chinese companies as the top two shareholders.
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