(Image via Ivanhoe Mines Ltd.)
The Kamoa Copper project under Canadian mining company Ivanhoe Mines Ltd. (TSX: IVN, Forum) is on track to become the world's third-largest copper mining complex and the largest copper mining complex on the African continent.
The company’s leadership team released further details this week of the Phase 3 expansion at the Kamoa-Kakula Copper Mining Complex in the Democratic Republic of Congo. Phase 3 is expected to increase annualized copper production capacity to approximately 600,000 tonnes per year by the Q4 2024.
(Image via Ivanhoe Mines Ltd.)
In
a news release, the company’s Co-Chair, Robert Friedland explained that ee are at an inflection point for the copper industry ... one where we must determine how to meet growing demand, even as discovering and building new mines becomes ever more challenging.
“Humanity will likely require as much copper in the next 22 years alone as it did through this point in its history - approximately 700 million metric tonnes - just to maintain 3% GDP growth. This does not even account for rising demand related to global investment to combat climate change through aggressive electrification.”
Kamoa-Kakula's Phase 3 will consist of two new underground mines known as Kamoa 1 and Kamoa 2, as well as the initial decline development at Kakula West. A new, 5 million-tonne-per-annum concentrator plant will be established adjacent to the two new mines at Kamoa.
Upon commencement of Phase 3 production, Kamoa Copper will have a total processing capacity of greater than 14 million tonnes per annum.
The Kamoa-Kakula Mining Complex is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the Government of the Democratic Republic of Congo (20%).