NEWS
Ivanhoe announces Kamoa-Kakula feasibility study results
addition to feed from Kakula that would fill a 7.6 million tonne / year processing plant at Kakula .
The mine has been designed to produce the world ’ s most environmentally responsible copper , which is crucial for today ’ s new generation of environmentally and socially-focused investors , according to the co-Chairman Robert Friedland .
Ivanhoe Mines Ltd announced the results of an independent definitive feasibility study ( DFS ) for the development of its huge Kamoa-Kakula Copper Project in the Democratic Republic of Congo . The DFS , together with results from an updated prefeasibility study ( PFS ), provide more evidence that Kamoa-Kakula has the potential to become the world ’ s second largest copper mine , with annual output of more than 800,000 tonnes .
In a press statement , Ivanhoe said the feasibility study is an independent verification by nine of the world ’ s top engineering firms of the robust economics generated by an initial 6.0 million tonne / year starter pit at Kakula where the expected ore feed grade is 6.6 % copper . Mine site cash costs are forecast at US $ 0.48 / lb in the first five years of production . The PFS evaluates mining of 1.6 million tonnes annually from the nearby Kansoko mine , in
Kamoa-Kakula will advance in stages until it has four producing mines on site with combined output of 19 million tonnes annually . Ivanhoe shares eased 0.18 % or $ 0.01 to $ 5.50 on volume of 890,030 . Ivanhoe is led by Singaporebased mine financier Robert Friedland , who holds a 17 % interest in the company . CITIC Metal Co . Ltd ., a subsidiary of the Chinese state-owned CITIC Group , recently agreed to invest an additional $ 612 million in Ivanhoe at $ 3.98 a share , raising its stake in Ivanhoe to 29.9 % from just under 20 %.
Arc Minerals makes advances in Zambia
Von Schirnding , who has more than
25 years ’ experience in mining , joined Arc Minerals in 2017 . At the time , the company owned several assets , including gold in the Democratic Republic of Congo and Slovakia and copper in the north-west of Zambia .
Schirnding has formerly held senior positions at De Beers and Anglo American . Today , the company is focused on the discovery and development of its large-scale copper at its Zamsort and Zaco licences in the western part of the Zambian Copperbelt .
According to Schirnding , the last two years have all been about restructuring and they now have a very clear strategy in place . This , he adds , has worked well . Proof of this can be seen in the company ’ s strong balance sheet and enough funding to carry it through to 2021 . According to media reports ,
Zamsort and Zaco have licensed a total of areas which cover 872 km2 and include the advanced Kalaba coppercobalt project . Up until now , Arc mineral had identified more than twelve highly skilled prospective targets at Zamzort . In June , Arc Minerals started drilling activities at its Fwiji target in the Zaco licence area .
The total diamond drilling programme for the year is budgeted for an initial 8 000 m with hole depths to between 100 m and 250 m below surface . The drilling is initially intended to confirm the interpreted anticlinal structure and mineralisation associated with the hinge component to this anticline . This will then be followed to test the mineralisation in the down-plunge hinge component to the anticline .
Consequently , Arc Mineral ’ s progress has already got the attention of major companies . To that end , the company has entered into a six-month exclusivity agreement with Anglo American .
This means that no other company can approach Arc Minerals to form any working arrangement while the agreement is in place . According to von Schirnding , if test work shows promising results , Anglo American has a variety of options available to it to increase its interest in Zamsort including some sort of commercial agreement or a joint venture .
www . fmdrc-Zambia . com 5