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Ivanhoe Hires BMO, Morgan Stanley for Congo Review

Ivanhoe Mines Ltd., a mining developer founded by billionaire Robert Friedland, hired BMO Capital Markets Ltd. and Morgan Stanley to review two projects in the Democratic Republic of Congo.

The review will examine potential third-party investment and joint-venture partners for the Kamoa and Kipushi projects, the Vancouver-based company said today in a statement.

Ivanhoe is exploring options to fund its development projects. It would cost about $1.4 billion to build the Kamoa copper mine, according to the company’s website.

Tha company said in May that it’s weighing options including the spinoff of Congo assets and its South African platinum assets into separate companies. The company said today that it’s still considering those options.

China National Gold Group Corp. is in talks to buy a stake in Ivanhoe’s Kamoa project in the Congo, people with knowledge of the matter said in March.

Kipushi is a zinc and copper project. Ivanhoe also owns the Platreef platinum and copper project in South Africa.

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