Kamoa Copper signs offtake agreements
TSX-listed Ivanhoe Mines has announced that its operating company in the Democratic Republic of Congo, Kamoa Copper, has signed offtake agreements with Citic Metal and Gold Mountains International Mining Company for copper concentrate and blister copper.
Gold Mountains is a subsidiary of Zijin Mining, which is a 39.6% shareholder in Kamoa Copper.
The offtake agreements involve a 50% supply of copper products from Kamoa-Kakula’s Phase 1 production each for Citic and Zijin.
Kamoa Copper began producing copper concentrate months ahead of schedule on May 25, from the Kamoa-Kakula mine. The concentrate is being processed at the nearby Lualaba smelter.
The ultrahigh-grade, clean concentrate produced by Kamoa-Kakula is expected to contain about 57% copper and very low levels of impurities.
The mine’s copper output will average 200 000 t/y during Phase 1 of operation and eventually approach its peak annual copper production rate of 800 000 t, in a phased approach.
Citic and Zijin will buy the copper concentrate at the Kakula mine and the blister copper at the Lualaba copper smelter on a free-carrier basis, meaning the buyers will be responsible for arranging freight and shipment to the final destination, initially through the Port of Durban in South Africa.
Citic and Zijin will each provide an advance payment facility of up to $150-million each, to be drawn at the election of Kamoa Copper from June 10, this year to May 31, 2023.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation