Ivanhoe will promote the expansion of the copper project in the Democratic Republic of Congo

Ivanhoe Mines, a base and precious metals mining company, is considering accelerating the third-stage concentrator expansion of its Kamoa-Kakula Project in the Democratic Republic of Congo.

Recently, the company successfully completed US$575 million in convertible notes financing.

The Canadian company and China Zijin Mining jointly own the project and have advanced the second phase of production to the third quarter of 2022. The second phase of the project will increase copper production to 400,000 tons/year.

Robert Friedland, Chairman of the Ivanhoe Mines Joint Board of Directors, said that the improvement of our capital situation provides a clear possibility for the early development of the third phase of expansion, which will enable Kamoa-Kakura’s copper output to reach annual About 530,000 tons.

The expansion project of the Kamoa-Kakura project is divided into five phases. After the expansion is completed, this copper mine will become the second largest copper mine complex in the world, with a peak output of 800,000 tons.

The first phase of production is expected to begin in July this year, marking Ivanhoe's transition from a prospector and developer to a mining company that produces copper, platinum and nickel.

This additional funding also allows Ivanhoe to accelerate hydropower upgrades, provide sufficient clean and renewable power for the expansion of Kamoa-Kakura (including the smelter), and step up exploration work for its Western Foran project. CEO Friedland said that accelerating the upgrade of hydropower is a "high priority" because the company seeks to produce the "green" copper needed for the world's energy transition.

An independent audit of the Kamoa-Kakura Greenhouse Gas Intensity Index revealed that the project will have one of the lowest greenhouse gas emissions per unit of copper production in the world.

Kamoa Copper is also considering building a smelting complex to reduce transportation and logistics costs, export taxes and copper concentrate processing costs, while producing sulfuric acid as a by-product.

According to the preliminary economic assessment of Kamoa-Kakura in 2020, this project will require US$600 million.