Ivanhoe co-chairperson Robert Friedland
Photo by: Creamer Media
TSX-listed Ivanhoe Mines says underground development at the Kamoa-Kakula copper project, in the Democratic Republic of Congo (DRC), resulted in the mining and stockpiling of 269 000 t of ore, grading 5.36% copper, in December.
The tonnage was 7.6% higher than November, while the copper grade was 10.5% higher.
The project’s pre-production surface stockpiles from the Kakula and Kansoko mines now contain about 1.52-million tonnes of high-grade and medium-grade ore, at an estimated blended grade of 4.03% copper.
The stockpile so far contains more than 61 000 t of copper. Ivanhoe plans to have 125 000 t of contained copper stockpiled prior to the planned start of processing activity in July.
Underground development at the project remains 10 km ahead of plan, with 2.7 km of development having been completed in December, which is a new monthly record at about 620 m more than the prior monthly record achieved in October.
Ivanhoe has completed almost 30 km of underground development at the project.
“After more than 26 years of continuous efforts, Ivanhoe and its joint venture partners are less than six months away from initial production at Kamoa-Kakula – the first world-scale copper discovery on the African continent in generations. This year’s transformation marks the beginning of the next chapter of our journey that began in 1994 and has involved thousands of dedicated and talented people.
“Our expectations are for continued rising copper prices through 2021 and beyond; as such, the timing of Kamoa Copper’s first production is fortuitous given that the project is scheduled to have ore stockpiles containing more than 125 000 t of contained copper available for processing by July 1. A rising copper price directly impacts the realisable value of the contained copper in the stockpiles, the cost of which is capitalised,” says Ivanhoe co-chairperson Robert Friedland.
The company envisions an initial 3.8-million-tonne-a-year operation, at a feed grade of 6% copper. Phases 1 and 2 of the project are forecast to produce about 400 000 t/y of copper.
The project’s phased expansion scenario to 19-million tonnes a year would make the Kamoa-Kakula project the world’s second-largest copper mining complex, with peak copper production of more than 800 000 t/y.
The Kamoa-Kakula project is a joint venture between Ivanhoe with 39.6% ownership, Zijin Mining Group with 39.6% ownership, Crystal River Global with 0.8% ownership and the DRC government with 20% ownership.