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Ivanhoe says Kamoa-Kakula begins exporting copper concentrate

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(Kitco News) - Ivanhoe Mines (TSX: IVN) announced today that Kamoa Copper has begun exporting its copper concentrate internationally. The first truckloads of copper concentrate destined for smelters outside of the DRC departed from the mine site on Saturday, July 17th.

The company said that Kamoa-Kakula's copper concentrate for export is being transported in bags, with each bag containing approximately two tonnes of concentrate. Once export clearance is received, the trucks may exit the DRC and proceed on their journey to the port of Durban, South Africa.

Kamoa Copper began producing copper concentrate on May 25, 2021, and made its first delivery of bulk concentrates to the nearby Lualaba Copper Smelter, outside of Kolwezi, on June 1, 2021. The first truckloads of Kamoa-Kakula's blister copper ingots, containing approximately 99% copper, are scheduled to be exported from the Lualaba Copper Smelter to international markets this week.

Ivanhoe added that Kamoa Copper received all necessary authorizations from the DRC government to export copper concentrate and blister copper on June 8, 2021. The mine is on track to produce between 80,000 and 95,000 tonnes of contained copper in concentrate in 2021.

Kakula is projected to be the world's highest-grade major copper mine, with an initial mining rate of 3.8 Mtpa, ramping up to 7.6 Mtpa in Q3 2022. Based on independent benchmarking, the project's phased expansion scenario to 19 Mtpa would position Kamoa-Kakula as the world's second-largest copper mining complex, with peak annual copper production of more than 800,000 tonnes.

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%).

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