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Ivanhoe Issues Third Quarter Financial Results and Review of Mine Construction Progress and Exploration Activities
Overall Development of the Flagship Kakula Copper Mine More than 58% Complete, with First Con...
About this update from Ivanhoe Mines Ltd. Class A
[{"type":"text","content":"Ivanhoe Issues Third Quarter Financial Results and Review of Mine Construction Progress and Exploration ActivitiesOverall Development of the Flagship Kakula Copper Mine More than 58% Complete, with First Concentrate from the Initial 3.8-million-tonnes-per-annum (Mtpa) Concentrator Plant on Track for July 2021Updated Integrated Development Plan for multiple expansions up to at least 19 Mtpa highlights the potential for the Kamoa-Kakula Project to become the world's second largest copper mineUpdated Definitive Feasibility Study and phased-development plan nearing completion for Platreef PGMs-gold-nickel-copper mineToronto, Ontario--(Newsfile Corp. - November 9, 2020) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) today announced its financial results for the nine months ended September 30, 2020. Ivanhoe Mines is a Canadian mining company advancing its three mining projects in Southern Africa: the Kamoa-Kakula copper discovery in the Democratic Republic of Congo (DRC); the Platreef palladium-platinum-rhodium-nickel-copper-gold discovery in South Africa; and the extensive upgrading of the historic Kipushi zinc-copper-silver-lead-germanium mine, also in the DRC. The company also is exploring for new copper discoveries on its wholly-owned Western Foreland exploration licences, adjacent to the Kamoa-Kakula mining licence. All figures are in U.S. dollars unless otherwise stated. HIGHLIGHTSDevelopment of the Kakula Copper Mine, the first of multiple, planned mining areas at the Kamoa-Kakula Project, is making excellent progress. Overall progress of Kamoa-Kakula's first phase, 3.8 million tonnes per annum (Mtpa) mining and milling operation is approximately 58% complete, with first production scheduled for July 2021. The project is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the Government of the Democratic Republic of Congo (20%). The Kakula Mine is projected to be the world's highest-grade major copper mine with an estimated average feed grade of more than 6% copper over the first five years of operation. It also will have one of the smallest footprints in terms of water, electrical energy, tailings and carbon dioxide per unit of copper produced.Construction of Kamoa-Kakula's first-phase 3.8 Mtpa concentrator plant is advancing rapidly and was approximately 28% complete a...