Make Kitco Your Homepage

Kamoa-Kakula sets new ore production record in March

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) announced today that underground ore production at the Kamoa-Kakula copper project in the Democratic Republic of Congo (DRC) mined and stockpiled a record 400,000 tonnes of ore grading 5.36% copper from the Kakula and Kansoko mines in March. This tonnage was 18% higher than the 339,000 tonnes mined and stockpiled in February.

According to the statement, 400,000 tonnes mined in March comprised 364,100 tonnes grading 5.52% copper from the Kakula mine, including 100,000 tonnes grading 8.70% copper from the mine’s high-grade centre, and 36,000 tonnes grading 3.78% copper from the Kansoko mine.

The project’s pre-production surface stockpiles now contain approximately 2.56 million tonnes of high-grade and medium-grade ore at an estimated blended average of 4.60% copper. Contained copper in the stockpiles increased by approximately 21,500 tonnes in March – to a cumulative total of more than 117,000 tonnes (the current copper price is approximately US$9,100 a tonne).

Ivanhoe added that Kamoa-Kakula is on track to substantially exceed the 3.0 million tonnes of high-grade and medium-grade stockpiled ore, holding more than 125,000 tonnes of contained copper, that the 2020 pre-feasibility study projected would be stockpiled prior to the planned start of processing in July 2021.

Kamoa-Kakula also set a fresh monthly mine development record in March, with an advancement of more than 3,100 metres, bringing total underground development to approximately 38.6 kilometres – around 13.5 kilometres ahead of schedule.

Phase 1 copper production from the Kakula Mine is scheduled to begin in July 2021. Kakula is projected to be the world’s highest-grade major copper mine, with an initial mining rate of 3.8 Mtpa at an estimated early average feed grade of more than 6.0% copper, ramping up to 7.6 Mtpa in Q3 2022.

The Kamoa-Kakula copper 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%).

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.