Canada’s Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) and Congo’s state mining company Gécamines have begun construction activities at the historic Kipushi underground zinc-copper mine, which they plan returning to production by late 2024.
In a breaking-ground ceremony, the companies’ joint venture, Kipushi Corporation, said pre-production capital cost, including contingency, was estimated in $382 million.
It noted that the use of existing, rehabilitated surface and underground infrastructure would allow the JV to keep costs relatively low while taking only two years to reach production.
“Kipushi is exceptional, not only because of the renowned Big Zinc deposit, which is one of the world’s richest orebodies, but more importantly because of the people of Kipushi and the unique partnerships that make today’s ceremony possible,” Ivanhoe Mines’ president, Marna Cloete, said.
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