Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Ivanhoe’s Kamoa-Kakula project, in the Democratic Republic of Congo (DRC), mined 400,000mt copper ore of 5.36pc grade in March, which includes 100,000mt of 8.7pc (high-grade) copper mined from the centre of the Kakula Mine and 36,000mt of 3.78pc grade from the Kansoko Mine. Output in March was up by 18pc from February.

 

The site holds pre-production stockpiles of 2.56mn mt copper ore of 4.60pc grade, with copper content increasing by 21,500mt in March to reach 117,000mt. Phase 1 of the Kamoa-Kakula project is at 92pc completion, with an annual 3.8mn mt mining capacity. The commissioning of the concentrator plant is on track for July 2021 production start.

 

The phase 2 concentrator expansion for annual 7.6mn mt capacity is scheduled for Q3 2022 completion with a plan to commence phase 3 expansion to increase processing capacity to 11.4mn mt and produce 530,000mt copper annually.

 

The combined phases 1 & 2 production forecast is at 400,000mt copper, annually. But if the phased expansion of the mine to 19mn mt the Kamoa-Kakula project could become the world’s second-biggest copper mining complex, with annual copper production exceeding 800,000mt. The project is a joint venture between Ivanhoe mines, Zijin Mining with each holding 39.6pc share and Crystal River Global and the Government DRC holding, 0.8pc and 20pc, respectively. 

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