11 December 2023
11 December 2023
IonicRE will now buy a 34% stake in Rwenzori Rare Metals, the Makuutu project owner, adding to its existing 60% project stake.
The licences, covering 189.3km², are spread across districts such as Hombolo, Kongwa, Chamwino and Mohanga.
Located 40km from the city of Val-d'Or, the Lac La Motte project has 13 contiguous claims covering about 586.05 hectares (ha).
The steelmaker secured $286m in deal consideration along with $250m as repayment of outstanding intra-group dues.
With the increased budget, Ivanhoe Mines will focus mainly on the 2,654km² Western Foreland exploration project in the Democratic Republic of Congo (DRC).
Accident takes place near border with Brazil.
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