Business
Ivanhoe Mines Announces Retirement of Non-Executive Co-Chairman and Director Yufeng "Miles" Sun
Ivanhoe welcomes Weibao "Webber" Hao as Non-Executive Co-Chairman and Director Johannesbur...
About this update from Ivanhoe Mines Ltd. Class A
[{"type":"text","content":"Ivanhoe Mines Announces Retirement of Non-Executive Co-Chairman and Director Yufeng \"Miles\" SunIvanhoe welcomes Weibao \"Webber\" Hao as Non-Executive Co-Chairman and DirectorJohannesburg, South Africa--(Newsfile Corp. - July 18, 2023) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Founder and Executive Co-Chairman Robert Friedland and President Marna Cloete today announced the retirement of Non-Executive Co-Chairman and Director Yufeng \"Miles\" Sun. In addition, the company is pleased to announce the appointment of Weibao \"Webber\" Hao as Ivanhoe Mines' Non-Executive Co-Chairman and Director, effective today. Mr. Sun was appointed to the Ivanhoe Mines' Board of Directors in September 2018, following the first of two strategic investments made by CITIC Metal into Ivanhoe Mines totaling C$1.3 billion. CITIC Metal's investment was transformational for Ivanhoe Mines, providing the necessary funding required to commence the construction of Kamoa-Kakula. Today, CITIC Metal continues to be Ivanhoe Mines' largest shareholder at approximately 26%.Mr. Sun joined CITIC Group Corporation (\"CITIC Group\") in 1987 and his esteemed career spanned multiple senior management roles. Mr. Sun joined CITIC Metal, the group's trading subsidiary, in April 1999 and was its General Manager until his recent retirement. Under his leadership, CITIC Metal was transformed into a leading Chinese commodities trading house in iron & steel, niobium, copper and aluminum. Mr. Sun also led many successful investments, most notably in Companhia Brasileira de Metalurgia e Mineração (CBMM of Brazil; the largest producer of niobium in the world), in the Las Bambas copper project in Peru, and in Ivanhoe Mines. CITIC Metal completed an initial public offering on the Shanghai Stock Exchange in April 2023 and currently has a market capitalization of approximately $6.1 billion. Ivanhoe would like to thank Mr. Sun for his tremendous contributions during his tenure on the Board and wish him all the best in his retirement. (L-R) Yufeng \"Miles\" Sun and Robert Friedland during a trip to China in 2023To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3396/173908_c8d419a6e47899c1_002full.jpgWeibao \"Webber\" Hao replaces Mr. Sun as Ivanhoe Mines' Non-Executive Co-Chairman and Director. Mr. Hao joined CITIC Group in...