Ivanhoe Mines Founder and Executive Co- Chairman Robert Friedland and President Marna Cloete announced the retirement of Non-Executive Co-Chairman and Director Yufeng "Miles" Sun. In addition, the company announced the appointment of Weibao "Webber" Hao as Ivanhoe Mines' Non-Executive Co-Chairman and Director, effective July 18, 2023. 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 CAD 1.3 billion.
CITIC Metal's investment was transformational for Ivanhoe Mines, providing the necessary funding required to commence the construction of Kamoa- Kakula. 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. Weibao "Webber" Hao replaces Mr. Sun as Ivanhoe Mines' Non-Executive Co-Chairman and Director. Mr. Hao joined CITIC Group in April 2008 and has served in multiple senior management roles.
He is currently Vice Chairman and General Manager of CITIC Metal, and Chairman and President of Hong Kong Stock Exchange-listed CITIC Resources, an oil & gas division of CITIC Group. Before joining CITIC Group, Mr. Hao held several senior positions in finance, project management, and trading at Sinopec Engineering Incorporation, United Petroleum and Chemical Company Ltd.