MINERALS   Copper  

Ivanhoe’s giant Kamoa-Kakula copper project in DRC keeps getting bigger

Canada’s Ivanhoe Mines (TSX:IVN) has unveiled a fresh set of mind-boggling figures from its flagship copper project in the Democratic Republic of Congo, confirming that the already large asset has room to grow.

The updated mineral resource estimate (MRE) puts the combined Kamoa-Kakula project at 423 million tonnes grading 4.68% copper, at a 3% cut off. Indicated mineral resource, in turn, now stands at 1.4 billion tonnes grading 2.7% copper, at a 1% cut-off.

The Kamoa deposit, one of two large copper assets on the Kamoa-Kakula mining licence is scheduled to produce first concentrate in the third quarter of 2021.

The 400 km2 mining concession comprises two large, near-surface, flat-lying, stratiform copper deposits. One of them, Kakula, is being fast-tracked to commercial production, with the initial 3.8-million-tonne-a-year mining operation scheduled to produce first concentrate in the third quarter of 2021.

Indicated mineral resources at the Kamoa deposit, discovered by Ivanhoe geologists in 2008, now total 760 million tonnes grading 2.73% copper, containing 45.8 billion pounds of copper. 

It means that Kamoa’s indicated copper content increased by 15.5%, thanks mostly to drilling a targeted higher-grade mineralization in the northern part of deposit — North Bonanza.

“We see excellent opportunity to add further shallow, higher-grade copper resources in the northern portion of the mining licence,” the company’s vice president for resources, George Gilchrist, said in a statement.

The Vancouver-based miner has been working on Kamoa-Kakula for more than ten years. In 2015, China’s Zijin Mining Group got on board, becoming Ivanhoe’s partner in the project. Citic Metal, another Chinese firm, followed suit in 2018, becoming Ivanhoe’s top shareholder.

Over more than two decades, billionaire Robert Friedland and his team have made some of the biggest mineral discoveries in recent times.

Source: Wood Mackenzie (based on public disclosure; the Kakula 2019 PFS has not been reviewed by Wood Mackenzie).

Together with finding Africa’s largest copper deposit to date, other projects under the executive’s belt include building the Oyu Tolgoi copper- gold mine in Mongolia and discovering the Voisey’s Bay nickel deposit in Canada, which he sold in 1996 for more than $3 billion. Ivanhoe is also developing a platinum mine in South Africa.

Once fully developed, the mining complex in the DRC could produce 382,000 tonnes of copper a year during the first 10 years, climbing to 700,000 tonnes of copper after 12 years of operations.

Analysts say the giant project, believed to have the potential to become the world’s second-largest copper mine, could restore the DRC’s historical position as one of the world’s top copper producing countries.

Kakula would be the first of at least three mines planned for the Kamoa-Kakula copper complex.

News No: 8404
Date: 2020/02/06 - 14:07
News Source:

Kamoa-Kakula mining  Canada Ivanhoe Mines  copper 


Leave a Comment:


BHP CEO says company needs more copper, nickel

BHP (NYSE, LON, ASX:BHP) will be looking to expand in copper and nickel to position itself well in a world that is decarbonising, new chief executive Mike Henry said on Tuesday.

Zambia-Vedanta row escalates, mining minister calls company “criminal”

Zambia has escalated its attacks on miner Vedanta, owned by Indian mining magnate Anil Agarwal, saying the company has been involved in criminal activities, including underpaying taxes and breaking investment promises.

Coronavirus hits copper trade as China asks Chile to defer cargoes

China’s copper buyers are asking Chilean miners to delay shipments due to port shutdowns, adding to tumult in global commodity trade in the wake of the coronavirus outbreak.

China’s metals import hunger shifts towards raw materials: Andy Home

China last year imported less refined copper, nickel, zinc and lead than in 2018. It was a net exporter of refined tin and primary aluminium.

A global look at high-risk tailings dams

Tailings dams are the most common waste disposal methods for mining companies, whether they’re extracting iron ore, gold or copper.

What to watch for in commodities in 2020

It’s time for some 2020 foresight in raw materials. After commodities posted a 10% advance last year, how will crude to coffee fare in the months to come? The first What to Watch of the new year presents an overview of what to expect and it’s a mixed, complex picture that emerges. The list covers oil, gold, copper, iron ore, pork and more.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners