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Kamoa Copper Extends Existing Financing Agreement with DRC's State-Owned Power Company to Facilitate the Upgrade of Turbine 5 at the Inga II Hydropower Complex
Turbine 5 to produce 162 MW of renewable hydropower, providing the Kamoa-Kakula Copper Comple...
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[{"type":"text","content":"Kamoa Copper Extends Existing Financing Agreement with DRC's State-Owned Power Company to Facilitate the Upgrade of Turbine 5 at the Inga II Hydropower ComplexTurbine 5 to produce 162 MW of renewable hydropower, providing the Kamoa-Kakula Copper Complex and associated smelter with sustainable electricity for Phase 3 and future expansionsCombined 240 MW output from the Mwadingusha and Inga II hydropower plants also will benefit local communities Kinshasa, Democratic Republic of Congo--(Newsfile Corp. - August 16, 2021) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng \"Miles\" Sun are pleased to announce that Ivanhoe Mines Energy DRC - a sister company of Kamoa Copper SA tasked with delivering reliable, clean, renewable hydropower to the Kamoa-Kakula Copper Mine - has extended its existing financing agreement under a public-private partnership with the Democratic Republic of Congo's state-owned power company, La Société Nationale d' Électricité (SNEL), to upgrade turbine 5, a major turbine in the existing Inga II hydropower facility on the Congo River. The extension of this financing agreement builds on the framework agreed in the memorandum of understanding signed with SNEL and announced in April 2021. An estimated 162 megawatts (MW) of hydropower is expected to be generated by upgrading Inga II's turbine 5, which when combined with the 78 MW of hydropower from the Mwadingusha facility, will give Kamoa-Kakula priority access to a combined 240 MW of clean, renewable electricity.The financing agreement was originally entered into in connection with the joint rehabilitation of the Mwadingusha hydropower plant under the first public-private partnership with SNEL, where five of six turbines now have been completed. Under this financial arrangement, rehabilitation and upgrade activities are financed by Kamoa Copper's holding company, Kamoa Holding, by way of a loan to SNEL, which will be repaid through a deduction to monthly power bills incurred over the life of the loan.Kamoa Copper and SNEL, together with the expertise of Stucky SA of Lausanne, Switzerland, and Voith Hydro of Heidenheim, Germany, respectively the EPCM and the contractor, have commenced a technical assessment to define the scope of work and associated costs estimate. The work also will include upgrading of the termin...