Business
Ivanhoe Mines and Gécamines Agree on Off-Take and Financing Terms to Return the Ultra-High-Grade Kipushi Mine in the DRC to Production
Off-take term sheet for 100% of Kipushi's zinc concentrate, together with US$250 million facility...
About this update from Ivanhoe Mines Ltd. Class A
[{"type":"text","content":"Ivanhoe Mines and Gécamines Agree on Off-Take and Financing Terms to Return the Ultra-High-Grade Kipushi Mine in the DRC to ProductionOff-take term sheet for 100% of Kipushi's zinc concentrate, together with US$250 million facility supported by GlencoreKipushi construction advancing ahead of schedule; first concentrate production expected in Q3 2024Underground development of the Big Zinc orebody also ahead of schedule; mining to commence in January 2024Plans for dedicated Kipushi commercial border-crossing advancing to unlock value for the DRC, Kipushi and Kamoa-KakulaKipushi to be powered by clean hydroelectricity, aligning with Ivanhoe's vision to produce 'green metals'Kipushi, Democratic Republic of Congo--(Newsfile Corp. - April 27, 2023) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President Marna Cloete, together with Chairman Guy-Robert Lukama Nkunzi and General Manager Placide Nkala Basadilua of Gécamines, the Democratic Republic of Congo's state-owned mining company, announced today the signing of an off-take and financing term sheet to return the historic Kipushi zinc-copper-lead-germanium mine to production. In addition, Ivanhoe is pleased to provide an update on construction activities for the restart of the ultra-high-grade zinc mine, which is on track for first concentrate in the third quarter of 2024. Ivanhoe Mines' President, Marna Cloete commented: \"The off-take and financing milestones are critical deliverables that allow us to return Kipushi to production by the third quarter of next year. Most importantly, these agreements reflect the strength of our partnership with Gécamines and our commitment to the people of the Kipushi community and the Democratic Republic of Congo. The Kipushi underground mine will be the world's highest-grade major zinc operation, with an average grade of approximately 36% zinc over the first five years of production. We will also endeavour, with our partner Gécamines, to continue exploring Kipushi, including copper-rich and silver-rich zones. Kipushi soon will join Kamoa-Kakula as another tier-one production asset in our portfolio, and mark the next step as we execute our plan to emerge as the world's newest diversified major mining company.\" Ivanhoe Mines' Executive Co-Chair, Robert Friedland added: \"In partnership with...