Canadian mining company Ivanhoe Mines has acquired a 5% stake in domestic natural gas and helium producer Renergen, with scope to be a majority shareholder, holding a 55% stake in the firm.
Ivanhoe Mines’ investment is set to greatly benefit Renergen’s Virginia Gas Project. Comprised of 187,000 hectares in South Africa’s Free State around the towns of Welkom, Virginia and Theunissen, Renergen has a valid licence over the area until 2042, and holds 100% of the economic interest in the production right.
With its Virginia Gas Project, Renergen hopes to produce both liquid helium and LNG.
Stefano Marani, CEO of Renergen, said, “This major transaction is a landmark deal for Renergen and one that recognises strong synergies with our new partners, Ivanhoe.”
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