Brazilian billionaire Eike Batista’s EBX Group Co. agreed to buy a 4 percent stake in Canadian mining company Ivanplats Ltd., according to an e-mailed statement from EBX today.
Ivanplats, based in Vancouver, raised C$300.8 million ($302.7 million) in an initial public offering on Oct. 16. Proceeds will be used to develop mines in Africa, the company said. Ivanplats was founded by billionaire American investor Robert Friedland.
The acquisition was reported today by Sao Paulo-based magazine Veja.