- Ivanhoe Mines (IVN) announced several opportunities to accelerate planned expansion at the company’s Tier-One Kamoa-Kakula Copper Mine
- The Kamoa-Kakula Copper Mine is located in the Democratic Republic of Congo
- Proceeds from the recently completed US$575 million, 2.50 per cent convertible senior notes offering may be used to fund exploration assets
- Ivanhoe Mines is a Canadian mining company focused on advancing its three principal joint-venture projects in Southern Africa
- Ivanhoe Mines is down 1.07 per cent on the day, with shares trading at C$6.49 at 4:00 pm ET
Ivanhoe Mines (IVN) announced several opportunities to accelerate planned expansion at the company’s Tier-One Kamoa-Kakula Copper Mine.
The Kamoa-Kakula Copper Mine is located in the Democratic Republic of Congo.
The company says proceeds from the recently completed US$575 million, 2.50 per cent convertible senior notes offering may be used to fund exploration assets.
The high-priority opportunities include accelerating the Phase 3 expansion at the Kamoa-Kakula copper mine.
The funding also will provide opportunities to expand and accelerate the copper exploration program on the company’s Western Foreland exploration licences, located in close proximity to the Kamoa-Kakula mining licence.
“The proceeds from the offering strengthen the position of Ivanhoe Mines. The company will now look to further increase production at our Kamoa-Kakula copper joint-venture, and to accelerate the Phase 3 concentrator expansion from 7.6 million tonnes per annum to 11.4 million tonnes per annum.
Together with our partner Zijin Mining, we have already accelerated the Phase 2 expansion to begin production in Q3 2022 and bring copper production to approximately 400,000 tonnes, or approximately 880 million pounds, per year. Our improved capital position now opens the distinct possibility of the earlier development of the Phase 3 expansion, which would bring copper production at Kamoa-Kakula, up to approximately 530,000 tonnes, or approximately 1.2 billion pounds, per year,” said Ivanhoe founder and co-chairman Robert Friedland.
Kamoa-Kakula is expected to begin producing copper concentrate in July 2021 and, through phased expansions, is positioned to become one of the world’s largest copper producers.
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal joint-venture projects in Southern Africa.
Ivanhoe Mines is down 1.07 per cent on the day, with shares trading at C$6.49 at 4:00 pm ET.
