China backs Russia’s IRC with $238 million investment

General Nice and Minmetals Cheerglory have agreed to buy a 36% stake in the Hong Kong-listed iron ore mining company.

<div style="text-align: left;"> Liu Qing Chun of Minmetals Cheeryglory, Jay Hambro of IRC, Cai Suixin of General Nice and Raymond Woo of IRC celebrate the deal with Olympic medals </div>

Nick Ferguson

January 18, 2013

IRC, a Russian iron ore miner that has been listed in Hong Kong since 2010, has agreed a $238 million share sale to two Chinese metals traders. The proceeds will help fund development of IRC’s flagship K&S mine and other projects.

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