BASE METALS

Kakula's first copper production less than a year away: Ivanhoe

Development 6km ahead of schedule

Staff reporter

This article is 4 years old. Images might not display.

Underground development at Kakula, the first mine planned at the Kamoa-Kakula joint venture project in the Democratic Republic of Congo, was 6km ahead of schedule, Ivanhoe said yesterday.

Kakula's initial mining rate is currently forecast at 3.8 million tonnes per annum at an average feed grade "well in excess of 6% copper" over the first five years of operation.

The company is aiming to release further studies for the entire Kamoa-Kakula project on September 8.

It plans to issue a definitive feasibility study on a 6Mtpa Kakula mine, a prefeasibility study including mining 1.6Mtpa from the Kansoko mine, and an updated preliminary economic assessment to encompass the overall development of up to 19Mtpa based on the discoveries to date at the 400sq.km mining licence.

Ivanhoe said underground mining was already taking place at Kansoko, at the Kamoa deposit about 10km north of Kakula.

Kamoa-Kakula is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining (39.6%), Crystal River Global Limited (0.8%) and the DRC government (20%).

Kamoa-Kakula was "in detailed discussions with a number of parties" regarding marketing and smelting its copper concentrates, Ivanhoe said yesterday.

Ivanhoe had struck a strategic partnership with China's CNMC in August to explore opportunities, including exploration and smelting, in Africa.

Ivanhoe is also developing its Platreef discovery in South Africa and redeveloping the Kipushi mine in the DRC through separate joint ventures.

Its shares (TSX: IVN) closed up 7.37% to a circa three-year high of C$5.53, capitalising it at $6.6 billion (US$ billion).

Its shares fell below the $5 mark in 2017 and continued to slide as the DRC introduced a new mining code.

 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.