Ivanhoe Mines (IVN) has commenced production at its Kamoa-Kakula copper mine, several months ahead of schedule.
“This is a historic moment for Ivanhoe Mines and the Democratic Republic of Congo,” said Ivanhoe Mines co-chair Robert Friedland. “Discovering and delivering a copper province of this scale, grade and outstanding ESG credentials, ahead of schedule and on budget, is a unicorn in the copper mining business. This accomplishment reflects the outstanding cooperation of thousands of individuals, and all of our joint-venture partners at Kamoa-Kakula.”
The Kamoa-Kakula copper project is a joint venture between Ivanhoe Mines, Zijin Mining Group, Crystal River Global Limited, and the government of the DRC.
His Excellency Félix Tshisekedi, president of the Democratic Republic of the Congo, commented on the significance of the start of production at Kamoa-Kakula.
“The start of production of copper concentrate at the Kamoa-Kakula Mine indicates that the DRC is open for business and investment,” he said. “We congratulate Ivanhoe Mines for having reached this milestone on this world-class discovery.”
Kakula is projected to be the world's highest-grade major copper mine. Phase 1 is expected to produce approximately 200,000 tonnes of copper per year, and phases 1 and 2 combined are forecast to produce approximately 400,000 tonnes of copper per year.
Miles Sun, Ivanhoe Mines’ other co-chair, remarked, “The inception of Phase 1 is the birth of a copper complex that will benefit generations to come, and we very much look forward to the upcoming phases of expansion and exploration opportunities.”
First ore was introduced into the concentrator plant on May 20 to perform initial hot commissioning tests. Based on extensive test work, the concentrator is expected to produce a very high-grade, clean concentrate grading approximately 57 per cent copper, with extremely low arsenic levels.
Kamoa Copper has appointed Société Générale de Surveillance (SGS), an accredited laboratory service provider based in Geneva, for on-site analytical services in a state-of-the-art assay laboratory.
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal joint venture projects in southern Africa.
Ivanhoe Mines Ltd. (IVN) is up 3.11 per cent on the day, trading at $9.28 per share as of 12:23 pm ET.