Ivanhoe Mines’ independent integrated development program has recently yielded positive results for the company’s Kamoa-Kakula copper mine in the Democratic Republic of Congo. This includes pre-feasibility studies of the copper mine’s Phase 3 and Phase 4 expansion zoning pre-feasibility studies, which will increase the life of the mine to 33 years, and an updated Preliminary Economic Assessment, which includes the possibility of extending the life of the mine, increasing the life to 42 years.
The pre-feasibility study indicates that production will increase by 7.6 million tonnes to 19.2 million tonnes per year (Mtpa) in 2030.
The third phase of the mine expansion is expected to be completed in 2024, increasing annual copper production to 620,000 tons in about 10 years. This will include replacing the number 5 turbine at the Inga II power plant, which will provide an additional 178 megawatts of hydroelectric power to the national grid and provide power for Phase 3, which Ivanhoe said will move towards a shift in the global energy transition. , Switch the mine to a cleaner energy source. mobile rock crusher This will also include the construction of a direct-to-bubble flash smelter, which is expected to reduce pressure on mine operating costs as well as environmental benefits.
The cost of capital remaining to complete the Phase III expansion is estimated at $3 billion. Due to the current high copper prices, Ivanhoe expects to pay for the majority of its costs from the copper produced during the first and second phases of the mine’s operations.
The fourth phase of the expansion project will include the installation of another 5.0 Mtpa concentrator, which will increase production to 19.2 Mtpa over 33 years, with a potential extension of another nine years, including the addition of four additional underground mines in the Kamoa region.
“Ivanhoe Mines is poised to take the next step and become the world’s next major diversified mining company… Kamoa-Kakula will be a model for future mines as we begin our next generation of primary development at the Platreef and Kipushi projects,” said Ivanhoe Mines Executive Deputy Chairman Robert Friedland.
The project’s extended mine life of 42 years will value Kamoa-Kakula at $20.2 billion, with an NPV after tax of 8%.
When this expansion is complete, Kamoa-Kakula is expected to become the world’s fourth-lowest cash-cost copper producer by 2025.