Ivanhoe to supply 340,000 tonnes of copper at DRC mine

Steering vary for money prices per pound of payable copper in 2022 has been set at between $1.20 and $1.40 per pound. The vary sits under $1.37 per pound Ivanhoe achieved within the last quarter of 2021.

RELATED: Largest copper mining mission in many years begins manufacturing

Ivanhoe stated is now centered on finishing the mine’s Part 2’s concentrator plant enlargement, which is predicted to begin manufacturing within the second quarter of 2022, a minimum of three months forward of schedule.

Ivanhoe Mines to produce 340,000 tonnes of copper at DRC mine in 2022
Supply: Ivanhoe Mines.

The corporate stated the mission will double the mine’s nameplate milling throughput to 7.6 million tonnes every year (Mtpa). Phases 1 and a couple of mixed are forecast to supply roughly 400,000 tonnes of copper per yr.

The Part 3 enlargement can also be advancing, Ivanhoe stated, with work ongoing on new field lower to open up the Kamoa mine. An up to date pre-feasibility research (PFS), together with the Part 3 enlargement, is predicted within the third quarter of the yr.

Second-largest copper mine 

Ivanhoe inked a deal in June with China’s Zijin Mining’s DRC subsidiary and dealer Citic Metallic to promote every 50% of the copper manufacturing from the copper mine. 

Mining billionaire Friedland has stated the mission will change into the world’s second-largest copper mine and the one with the best grades amongst main operations. 

He additionally believes the DRC has the potential to change into the world’s high copper producer, overtaking Chile.

RELATED: How Ivanhoe’s large new Congo mine stacks up in opposition to copper mining’s high tier

The firm has additionally vowed to supply the business’s “greenest” copper, as it really works to change into the first net-zero operational carbon emitter among the many world’s top-tier copper producers. Friedland has not but set a goal date for reaching that aim. 

Ivanhoe Mines is also advancing improvement of the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa, scheduled to start manufacturing in 2024. A feasibility research for the mission needs to be accomplished in early 2022, the miner stated.

Within the DRC, the corporate is upgrading the historic Kipushi zinc-copper-lead-germanium mine, for a resumption of manufacturing.

Ivanhoe shares have doubled in worth over the previous yr and had been buying and selling extra nearly 4% larger on Monday in Toronto at C$11.09 a chunk. The corporate has a market capitalization of C$13.17 billion ($10.4 billion).

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Written by colin


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