Copper and platinum-group metals (PGMs) project developer Ivanhoe Mines has appointed Mark Farren CEO of its Kamoa-Kakula Copper joint venture (JV), in the Democratic Republic of the Congo (DRC).

Farren was previously Ivanhoe executive VP of operations.

Dr Yong Chen, an employee of Ivanhoe's JV partner in the Kamoa-Kakula Copper JV, Zijin Mining, has been appointed COO.

The JV's senior management team also includes Congolese nationals Ben Munanga, as head of energy; Teddy Kabongo as head of tax; and Dr Guy Muswil as head of sustainability.

Ivanhoe's Rochelle de Villiers and Zijin's David Li have been appointed co-CFOs of the JV.

Meanwhile, South African mining veteran Warwick Morley-Jepson has been appointed Ivanhoe’s new COO, assuming the duties formerly held by Farren.

He will be responsible for overseeing the technical and development initiatives that Ivanhoe is pursuing at the Kipushi project, in the DRC and the Platreef PGMs project in South Africa. He also will be a key member of the Ivanhoe team working with Zijin Mining to oversee the development of the Kamoa-Kakula project.

Further, to enhance Ivanhoe's development and operating capabilities, its DRC country manager Louis Watum has been appointed president of the board of directors of Kamoa Copper, the DRC operating company of the JV between Ivanhoe, Zijin Mining Group, Crystal River and the DRC government that is developing the Kamoa-Kakula project.

Watum’s expanded role will include assisting with the JV's infrastructure development.

"The executive management team will work closely with Louis and senior Congolese management, our government partners and our host communities to help ensure that the Kakula mine is built on time and budget, and to the best international standards.

“Louis, Mark and Warwick all have extensive experience in the development, construction and operation of underground mines in the region and we have the utmost confidence in their abilities to assemble and lead the JV team that will construct and operate the Stage 1, six-million-tonne-a-year Kakula copper mine, while also advancing development efforts at our Kipushi and Platreef projects and fast-tracking exploration drilling on our 100%-owned Western Foreland licences,” Ivanhoe co-chairperson Robert Friedland commented on Tuesday.

Farren added that this was an important stage of growth for Ivanhoe.

“We are uniquely positioned to build Kakula into one of the world’s greatest copper mines and I am excited to be part of the team that moves this project forward to production,” he said.

Initial copper concentrate production from the Kakula mine, the first of at least three mines planned at Kamoa-Kakula, is scheduled for the third quarter of 2021.

SHAREHOLDING CHANGES
Ivanhoe on Tuesday also announced that Zijin would increase its stake in Ivanhoe to 13.88%.

"In a related move that follows the implementation of Kamoa-Kakula’s new executive management team and which reflects the efforts and importance of Zijin Mining in the ongoing development of Kamoa-Kakula, as well as the spirit of genuine strategic cooperation among Ivanhoe’s largest shareholders, CITIC Metal Africa and Robert Friedland have agreed to sell 35.75-million shares (3%) and 12.9-million shares (1.08%) of their shareholdings, respectively, to Zijin, in a private share purchase and sale transaction," the company stated.

After the closing of the transaction, CITIC Metal Africa will own about 26.4% of Ivanhoe’s issued and outstanding shares, Friedland about 13.2% and Zijin 13.88%.

“This rebalancing share purchase and sale agreement once again proves the high level of trust and strategic cooperation between Ivanhoe Mines, CITIC Metal and Zijin Mining,” commented Friedland.