Ivanhoe Mines

Last updated
Ivanhoe Mines Ltd.
Company type Public
TSX:  IVN
S&P/TSX Composite Component
Industry Mining & Exploration
Headquarters,
Key people
Robert Friedland
Website www.ivanhoemines.com

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the development of new mines at the Kamoa-Kakula copper discoveries in the Democratic Republic of Congo (DRC), the Platreef palladium-platinum-nickel-copper-rhodium-gold discovery in South Africa, and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the DRC. Ivanhoe also is exploring for new copper discoveries on its wholly owned Western Foreland exploration licences in the DRC, near the Kamoa-Kakula Project.

Contents

History

In October 2012, the company held an IPO on the Toronto Stock Exchange, raising $300 million, and valuing the company at $2.5 billion. [1] In August 2013 the company changed its name to Ivanhoe Mines, taking advantage of Friedland's right to that name. [2]

In 2015, Ivanhoe sold half of its interest in the Kamoa copper project to Zijin Mining Group, a Chinese mining company, for US$412 million. [3]

In April 2017 Ivanhoe announced it had confirmed the new Kakula West discovery in the Democratic Republic of Congo. Reported assays returned 8.86 metres grading 5.83% copper that included a higher grade intercept of 6.17 metres grading 6.84% copper. The discovery extended the Kakula along a confirmed strike length of 6.8 kilometres. [4]

In January 2019, Ivanhoe Mines reported an unprecedented 22.3-metre intersection of 13.05% copper in a shallow, flat-lying discovery at the Kamoa North Bonanza Zone on the Kamoa-Kakula mining licence. Drill hole DD1450 intersection included grades of up to 40% copper and is within 190 metres of surface. [5] In February 2020, the initial mineral resource estimate for the Kamoa North Bonanza Zone included 1.5 million tonnes of Indicated Resources grading 10.7% copper, at a 5% cut-off. [6]

In February 2020, Ivanhoe released an independently verified, updated Mineral Resource estimate for the Kamoa-Kakula Copper Project in the Democratic Republic of Congo (DRC). The Kamoa-Kakula Project Indicated Mineral Resource now stands at 1.4 billion tonnes grading 2.7% copper, at a 1% cut-off grade, and the project's Indicated Mineral Resource now stands at 423 million tonnes grading 4.68% copper, at a 3% cut-off grade. [7]

International mining consultant Wood Mackenzie has ranked the Kamoa-Kakula Copper Project as the world's fourth-largest copper discovery, with copper grades that are the highest by a wide margin of the world's top 10 copper deposits. [6]

Construction of the Kakula Mine, the first of multiple, planned mining areas at Kamoa-Kakula, is making excellent progress. Initial copper concentrate production from the Kakula Mine is scheduled to begin in the third quarter of 2021. [8]

Operations

Ivanhoe has three projects:

Related Research Articles

<span class="mw-page-title-main">First Quantum Minerals</span> Canada based mining company

First Quantum Minerals is a Canadian-based mining and metals company whose principal activities include mineral exploration, development and mining. Its main product is copper, which accounts for 80% of revenues as of 2016.

Robert Martin Friedland is an American-Canadian billionaire financier in the mining industry. Since the early 1980s, he has specialized in securing funding for the exploration and development of mineral and energy resources and technology ventures. He is the founder and chairman of his private, family-owned firm, Ivanhoe Capital Corporation, which is active in capital markets, focused on emerging markets. He is the founder and co-chairman of Ivanhoe Mines – a Canadian public company listed on the Toronto and OTCQX exchanges.

<span class="mw-page-title-main">Gécamines</span> Congolese commodity and mining company

La Générale des Carrières et des Mines (Gécamines) is a Congolese commodity trading and mining company headquartered in Lubumbashi, in the Katanga region of the Democratic Republic of Congo. It is a state-controlled corporation founded in 1966 and a successor to the Union Minière du Haut-Katanga. Gecamines is engaged in the exploration, research, exploitation and production of mineral deposits including copper and cobalt.

Adastra Minerals Inc, was a London-based mining company with notable operations in central Africa, particularly in copper, cobalt and zinc exploration. Adastra's properties and concessions were acquired in 2006 by First Quantum Minerals for $245m in cash and stock, outpacing a counter-offer by Mwana Africa plc. Founder Jean-Raymond Boulle and top UK insurer Prudential plc had owned 10% and 14% stakes in Adastra, respectively. In the mid-1990s, the company became known for developing highly prospective copper and cobalt mines in Zaire during a civil war.

<span class="mw-page-title-main">Kipushi</span> Commune in Haut-Katanga, DR Congo

Kipushi is a town in Haut-Katanga province, Democratic Republic of the Congo. It lies 35 km southwest of the city of Lubumbashi, very close to the border with Zambia, at an altitude of 1329 m (4363 ft). The main economic activity of the town is mining. Kipushi is part of the Roman Catholic Diocese of Sakania–Kipushi.

<span class="mw-page-title-main">Mining industry of the Democratic Republic of the Congo</span>

The mining industry of the Democratic Republic of the Congo produces copper, diamonds, tantalum, tin, gold, and more than 70% of global cobalt production. Minerals and petroleum are central to the DRC's economy, making up more than 95% of the value of its exports.

Gold mining in Alaska, a state of the United States, has been a major industry and impetus for exploration and settlement since a few years after the United States acquired the territory in 1867 from the Russian Empire. Russian explorers discovered placer gold in the Kenai River in 1848, but no gold was produced. Gold mining started in 1870 from placers southeast of Juneau, Alaska.

The second-largest mineral industry in the world is the mineral industry of Africa, which implies large quantities of resources due to Africa being the second largest continent, with 30.37 million square kilometres of land.With a population of 1.4 billion living there, mineral exploration and production constitute significant parts of their economies for many African countries and remain keys to economic growth. Africa is richly endowed with mineral reserves and ranks first in quantity of world reserves for bauxite, cobalt, industrial diamond, phosphate rock, platinum-group metals (PGM), vermiculite, and zirconium.

<span class="mw-page-title-main">Kipushi Mine</span> Mine in Democratic Republic of the Congo


Kipushi Mine is an underground mine in the Democratic Republic of the Congo, near the town of Kipushi in Haut-Katanga Province.

Turquoise Hill Resources was a Canadian mineral exploration and development company headquartered in Montreal, Quebec, and since December 2022, a wholly owned subsidiary of Rio Tinto Group. The company was called Ivanhoe Mines until August 2, 2012 when a financing agreement was completed with Rio Tinto. Rio Tinto acquired full ownership of Turquoise Hill in December 2022.

Kinsevere is an open pit mine and Heavy Media Separation plant with an electric arc furnace formerly operated by Anvil Mining, and now operated by Minerals and Metals Group. It is located 30 kilometres (19 mi) north of Lubumbashi, Katanga Province, Democratic Republic of Congo.

Copper mining in the Democratic Republic of the Congo mainly takes place in the Copper Belt of the southern Katanga Province of the Democratic Republic of the Congo.

Lonshi Mine is a copper mine in Katanga Province of the Democratic Republic of the Congo, to the southeast of Ndola, Zambia.

The Musoshi Mine is an underground copper mine in the Katanga Province of the Democratic Republic of the Congo. The mineral rights are owned by the South African miner Metorex.

Kalukundi Mine is a copper and cobalt mine being developed in Katanga Province, Democratic Republic of the Congo (DRC) by Africo Resources, a Canadian company. In September 2008 the company estimated the value of the resource as $1.47 billion.

The Kananga Mine is an open pit copper mine near Kolwezi in Katanga Province, Democratic Republic of the Congo. It is currently officially inactive.

The Mutanda Mine is an open-pit copper and cobalt mine in the Lualaba Province of the Democratic Republic of the Congo (DRC). It is the largest cobalt mine in the world. Accidents and spills at the mine have killed workers and polluted nearby rivers and fields. An NGO that has documented impacts of the mine concluded that spills have threatened community members' right to food.

Mining in North Korea is important to the country's economy. North Korea is naturally abundant in metals such as magnesite, zinc, tungsten, and iron; with magnesite resources of 6 billion tonnes, particularly in the North and South Hamgyong Province and Chagang Province. However, often these cannot be mined due to the acute shortage of electricity in the country, as well as the lack of proper tools to mine these materials and an antiquated industrial base. Coal, iron ore, limestone, and magnesite deposits are larger than other mineral commodities. Mining joint ventures with other countries include China, Canada, Egypt, and South Korea.

The Manono-Kitolo mine is a former tin and coltan mine, which also contains one of the largest lithium reserves globally, in the Democratic Republic of the Congo. The mine is located in southern Democratic Republic of the Congo in Tanganyika Province. The Manono-Kitolo mine has reserves amounting to 120 million tonnes of lithium ore grading 0.6% lithium thus resulting 0.72 million tonnes of lithium.

The Mwadingusha Hydroelectric Power Station, also Mwadingusha Power Station is a 78.3 megawatts hydroelectric power station across the Lufira River in the Democratic Republic of the Congo. Originally commercially commissioned in 1930, the six electricity generators were replaced and upgraded from 11.8 MW each, to 13.05 MW each, raising generation capacity from 71 MW to 78.3 MW.

References

  1. "Ivanplats shares rise; IPO values miner at C$2.5 billion". Reuters. 2012-10-17. Archived from the original on October 25, 2012. Retrieved 2018-03-02.
  2. "Ivanplats becomes Ivanhoe Mines | Mining News". www.miningne.ws. Retrieved 2018-03-02.
  3. "Barrick Gold Corp, Ivanhoe Mines Ltd sell stakes to China's Zijin in Papua New Guinea, Congo mines". Financial Post. 2015-05-26. Retrieved 2018-03-02.
  4. "Ivanhoe Mines: Assays Confirm Kakula West High-Grade Copper Discovery". www.juniorminingnetwork.com. Retrieved 2017-04-10.
  5. "Ivanhoe drills Kamoa-Kakula's best intersection to date". MINING.COM. 2019-01-30. Retrieved 2020-02-10.
  6. 1 2 "Ivanhoe's giant Kamoa-Kakula copper project in DRC keeps getting bigger". MINING.COM. 2020-02-05. Retrieved 2020-02-10.
  7. "Ivanhoe Mines". Ivanhoe Mines. Retrieved 2020-02-10.
  8. "New mineral resource for Ivanhoe's Kamoa-Kakula shows 423 million tonnes grading 4.68% copper". Kitco News. 2020-02-05. Retrieved 2020-02-10.
  9. "Friedland confident Congo copper mine will be world's second-largest". MINING.COM. 2019-02-06. Retrieved 2020-02-10.
  10. Ivanhoe taps Glencore for $250 million to start Kipushi zinc mine ahead of schedule, Mining.com. April 27, 2023
  11. Kilian, Anine. "Ivanhoe installs new crusher at Kipushi mine". Mining Weekly. Retrieved 2020-02-10.
  12. "Ivanhoe OK to build one of world's biggest platinum mines | MINING.com". MINING.com. 2014-11-05. Retrieved 2018-03-02.