As part of CITIC Metal's recent US$557 million strategic investment in Ivanhoe, CITIC Metal Group president Yufeng "Miles" Sun will become co-chairman of Ivanhoe.

Ivanhoe reported a total comprehensive loss of $38 million for the June quarter, compared with a loss of $11.4 million a year earlier, mainly due to an exchange loss of $30 million recognised in the quarter resulting from the South African rand weakening by 16% from March 31 to June 30.

It had $87.1 million in cash and equivalents at June 30, before the drawdown of a $100 million interim loan under the CITIC agreement last week took the total to about $165 million.

In its June quarterly report, Ivanhoe said Shaft 1 was expected to reach the top of the Flatreef orebody at a depth of 783m this quarter, at its 64%-owned Platreef project in South Africa.

The company said it had received expressions of interest for about $900 million of the targeted $1 billion project financing.

In the Democratic Republic of Congo, Ivanhoe said the underground upgrade was nearly complete at the historic Kipushi zinc-copper-germanium-lead mine.

It said the focus would now turn to surface infrastructure upgrades ahead of a production restart at the 68%-owned project.

Also in the DRC, Ivanhoe said a prefeasibility study for its 39.6%-owned Kamoa-Kakula copper project was expected by the end of the year.

The company is exploring its 100%-owned Western Foreland project west of Kamoa-Kakula and said it expected to provide an "important update" on its Makoko and Kamoa North programmes next month.

It did not refer to the DRC's new mining code in the report. Concerns surrounding the changes had sent its share price tumbling earlier this year and Ivanhoe was part of an international mining delegation that had pushed for changes to the code's implementation. 

Ivanhoe shares traded above C$4 for much of last year and hit a 52-week low last week of $2.20.

They closed down 1.28% or 3c yesterday to $2.32, capitalising Ivanhoe at $1.8 billion.