【ferro-alloys.com】

  Canadian miner Ivanhoe Mines has received “tremendous” interest from North American and European institutional investors in its convertible notes financing and has raised $575-million in the oversubscribed placement.

  The company, which is developing mines in South Africa and the Democratic Republic of Congo, on Wednesday closed the private placement offering of $575-million aggregate principal amount of 2.50% convertible senior notes due 2026.

  “The overwhelmingly positive response to this financing reflects the quality of our mining and exploration assets, our industry-leading ESG initiatives, and the strength of our operational and exploration teams,” said cochairperson Robert Friedland in a statement.

  The company intends to use the net proceeds from the offering for general corporate purposes and it may use proceeds to accelerate planned expansions at its assets.

  “We believe that the convertible notes, with a coupon rate of 2.50%, represent an extremely attractive form of financing to further advance our growth projects, which each have compelling projected rates of return.

  “We also have the option of repaying the convertible notes in cash, rather than shares,” stated Friedland.

• [Editor:Catherine Ren]