Australian graphite firms petition US on alleged China dumping
Australia's Novonix has joined the American Active Anode Material Producers (AAAMP) in filing the petition.
CITIC Metal Co. is planning to sell a small portion of its holdings in Ivanhoe Mines (TSX: IVN) through public trades or privately through block trades, or the combination of both.
The Chinese commodity trader is Ivanhoe’s largest shareholder. It owns about 314.7 million of Ivanhoe’s Class A shares, representing 24.78% of those outstanding. The next largest shareholder is Zijin Mining Group, also based in China, with an approximate 13% shareholding.
In a press release via the Shanghai Stock Exchange, CITIC said it has received board approval to sell at most 25,390,428 shares, or 2% of Ivanhoe’s outstanding share capital. Shareholder approval for the divestment will be sought in a meeting scheduled for June 11.
Assuming CITIC gains the approval and sells the maximum amount, it will then hold approximately 289.3 million shares, for a 22.78% shareholding in Ivanhoe.
The announcement by CITIC comes at a time when the Canadian government is placing higher surveillance on foreign money flowing into its critical minerals sector, with extra scrutiny on those coming from China.
In 2022, it forced three Chinese investors to sell their stakes in Canadian mining companies. The proposed investment by Zijin in Solaris Resources (TSX: SLS; NYSE: SLSR) was also scrapped recently due to the government’s security review.
Vancouver-headquartered Ivanhoe currently has joint ownership with Zijin in the massive Kamoa-Kakula copper complex in the Democratic Republic of Congo, which began commercial production in 2021. In its final phase, Kamoa-Kakula is expected to become a top 3 copper producer globally, with peak production of 700,000 tonnes annually.
