Business
Ivanhoe Mines Announces Opportunities to Accelerate Future Expansions at the Tier-One Kamoa-Kakula Copper Mine
US$575 million funding positions Ivanhoe and joint-venture partners to fast-track additional ...
About this update from Ivanhoe Mines Ltd. Class A
[{"type":"text","content":"Ivanhoe Mines Announces Opportunities to Accelerate Future Expansions at the Tier-One Kamoa-Kakula Copper MineUS$575 million funding positions Ivanhoe and joint-venture partners to fast-track additional hydropower upgrades to provide sufficient clean and renewable electricity for Kamoa-Kakula expansions to 19 million tonnes of ore per annum and beyond, including a smelterFunding also allows for expansion and acceleration of the Western Foreland exploration program, in pursuit of the next world-scale copper discoveryToronto, Ontario--(Newsfile Corp. - March 29, 2021) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng \"Miles\" Sun are pleased to announce a number of opportunities to accelerate planned expansions at the company's world-scale portfolio of mining and exploration assets, that may be funded in part with the proceeds from the recently completed US$575 million, 2.50% convertible senior notes offering. The high-priority opportunities include accelerating the Phase 3 expansion at the Kamoa-Kakula copper mine (beyond Phases 1 and 2) in the Democratic Republic of Congo (DRC). Fast-tracking additional hydropower upgrades in the DRC also is a high-priority opportunity to ensure abundant clean and renewable electricity for all subsequent expansions at Kamoa-Kakula. The management team also is evaluating a potential, state-of-the-art, direct-to-blister smelter that could bring numerous economic benefits and further reduce the project's Scope 3 emissions.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. Mr. Friedland commented: \"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 earlier development of the...