Canada’s Ivanhoe Mines (TSX:IVN) has unveiled a fresh set of mind-boggling figures from its flagship copper project in the Democratic Republic of Congo, confirming that the already large asset has room to grow.
The updated mineral resource estimate (MRE) puts the combined Kamoa-Kakula project at 423 million tonnes grading 4.68% copper, at a 3% cut off. Indicated mineral resource, in turn, now stands at 1.4 billion tonnes grading 2.7% copper, at a 1% cut-off.
The 400 km2 mining concession comprises two large, near-surface, flat-lying, stratiform copper deposits. One of them, Kakula, is being fast-tracked to commercial production, with the initial 3.8-million-tonne-a-year mining operation scheduled to produce first concentrate in the third quarter of 2021.
Indicated mineral resources at the Kamoa deposit, discovered by Ivanhoe geologists in 2008, now total 760 million tonnes grading 2.73% copper, containing 45.8 billion pounds of copper.
“We see excellent opportunity to add further shallow, higher-grade copper resources in the northern portion of the mining licence,” the company’s vice president for resources, George Gilchrist, said in a statement.
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