Ivanhoe in talks over Platreef, Western Forelands projects

27th July 2020

By: Creamer Media Reporter


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Canadian mining company Ivanhoe Mines says it has had and continues to have strategic discussions regarding its Western Forelands project, in the Democratic Republic of the Congo (DRC), and its Platreef project, in South Africa.

The company points out that a number of mining companies have expressed an interest in advancing exploration activities at the wholly-owned Western Forelands copper project, which is adjacent to the Kamoa-Kakula licence. It adds that it is also in strategic discussions regarding its Kipushi zinc/copper/silver/lead/germanium mine, also in the DRC.

Further, several expressions of interest have been received from streaming companies interested in the Platreef palladium/platinum/nickel/copper/rhodium/gold project in South Africa.

“2020 has been an extraordinary year in many ways. In our industry, it has seen a remarkable rebound in metals prices. The weighted 'basket' of the prices for palladium, rhodium, gold and nickel, measured in South African rand terms, is near all-time highs. Copper has hit two-year highs, silver is at seven-year highs and gold has surpassed its 2011 peak to reach an all-time high above $1 900/oz. Our tier-one projects in Africa will produce all of these metals.

“The unparalleled exploration potential for new high-grade copper discoveries on our wholly-owned Western Foreland exploration licences that total more than 2 500 m2; the recent progress toward putting our tier-one Platreef palladium/platinum/nickel/copper/rhodium/gold project in South Africa into production; and the unrivalled zinc, copper and silver grades in our Kipushi project in the DRC, are each generating significant attention,” Ivanhoe co-chairperson Robert Friedland says.

"Not surprisingly in this environment, we have been receiving daily inquiries from companies across the industry and world, from the West as well as China, and from streaming companies and various bank and nonbank lenders, inquiring about investing in these great projects. That level of interest requires that we critically examine these opportunities, which we are now doing," he adds. 

The company states that it will inform shareholders in the event that the discussions lead to potential deals.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online


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