Copper News Hubb
Advertisement Banner
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Copper news

Ivanhoe Mines Responds To Misleading Bloomberg Headline

admin by admin
December 23, 2022
in Copper news


Ivanhoe Mines has responded to a headline published on December 20, 2022, by Bloomberg related to Vidiye Tshimanga and Ivanhoe’s supposed “link” to this individual:

The Bloomberg headline infers that Ivanhoe Mines has a business relationship with a company controlled by Tshimanga, and further infers that Ivanhoe is in some way involved in an ongoing “copper corruption” case in the DRC, which is not true.

Due to the recent adverse impact of this headline on Ivanhoe Mines’ share price, the company would like to make a statement surrounding this matter as follows.

In April 2021, Ivanhoe Mines signed a term sheet with Congo Bantu Mining SARL (Cobamin), a company in which Tshimanga is a shareholder.

The term sheet envisaged an earn-in for three exploration permits held by Cobamin. Ivanhoe Mines followed its internal anti-corruption processes and had due diligence carried out by a London-based consultant as well as a review by a major US law firm and a DRC legal adviser.

For more than a year after the execution of the term sheet, Ivanhoe Mines tried to negotiate final agreements with Cobamin. These final agreements were never signed, considering that Cobamin kept on renegotiating the terms initially set out in the term sheet. No payment was made to Cobamin under this proposed agreement.

On September 3, 2022, Ivanhoe Mines filed a request for arbitration, as well as an application for emergency measures against Cobamin with the International Chamber of Commerce (ICC). On September 15, 2022, while the arbitration process was underway, a video of Tshimanga was posted on social media as referenced in the Bloomberg article dated December 20, 2022.

It is expected that the main arbitration will commence during the first quarter of 2023. Ivanhoe Mines will then have to take a position on whether it wishes to confirm its existing request for specific performance, whether it wishes to convert its request into a request for damages, or whether it wishes to drop the arbitration.

Ivanhoe Mines is working with its legal counsel to determine the best path forward for its shareholders in terms of this arbitration proceeding. It should be noted that this matter does not relate whatsoever to Ivanhoe’s existing projects in the DRC, including the Western Foreland Exploration Project licences.

Ivanhoe Mines is not involved with the referenced DRC corruption case against Tshimanga, and the only “link” the company has to the individual is through the term sheet with Cobamin and the ongoing arbitration process.

Visits:3 Today: 3 Total: 4914689



Source link

Previous Post

Nippon plans low-carbon raw materials production for green steel

Next Post

TotalEnergies Commences Proceedings Regarding Fort Hills Right of First Refusal

Next Post

TotalEnergies Commences Proceedings Regarding Fort Hills Right of First Refusal

Recommended

African mining investors see opportunity amid rising insecurity and recession fears

5 days ago

Eskom to apply for enviro exemption to allow for earlier restart of Kusile units

1 week ago

CKM NEWSLETTER 16-01-2023 – Copperbelt Katanga Mining

2 weeks ago

Royal Gold acquires royalty interests on Cortez complex in Nevada

3 weeks ago

Lion Copper and Gold Corp. Announces Convertible Debenture Financing

3 weeks ago

Jupiter overcomes third-quarter challenges that dented production, sales

1 month ago

© 2022 Copper News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

© 2022 Copper News Hubb All rights reserved.