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Ivanhoe shares drop on DRC reports

Ivanhoe Mines (CN:IVN) has responded to media reports of possible changes to the mining code in the Democratic Republic of Congo as its shares hit a 52-week low yesterday intraday of C$3.41.
Ivanhoe shares drop on DRC reports Ivanhoe shares drop on DRC reports Ivanhoe shares drop on DRC reports Ivanhoe shares drop on DRC reports Ivanhoe shares drop on DRC reports

Company responds that no changes have been made into law

Staff reporter

In a brief statement, the company noted that there had been no changes implemented into law and said it planned to issue a further statement in the near future.

Shares in the company regained a little to close down 11.34% at $3.52.

The company, which is developing two projects in the DRC, had issued a joint statement with other miners in December warning against the government's plans to increase taxes on the sector.

Shares in Randgold Resources (LN:RRS), which last month announced development was complete at the large Kibali gold mine in the DRC, closed down about 0.8%.

Randgold CEO Mark Bristow used a Kibali update last month to again appeal to the DRC government to engage with the industry in forming a mining code to stimulate this part of the economy "instead of crippling it".

Kibali is a joint venture with Anglogold Ashanti (JSE:ANG) and state-owned Sokimo.

Anglogold Ashanti shares closed down 0.6%.

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