NEWS
Ivanhoe posts another record month of development at Kamoa-Kakula
– the first world-scale copper discovery on the African continent in generations . This year ’ s transformation marks the beginning of the next chapter of our journey that began in 1994 and has involved thousands of dedicated and talented people .
Co-Chairs Robert Friedland and Yufeng “ Miles ” Sun of Ivanhoe Mines have announced that underground development at the Kamoa-Kakula copper project in the Democratic Republic of Congo ( DRC ) mined and stockpiled 269,000 tonnes of ore grading 5.36 % copper in December from the Kakula and Kansoko mines .
The tonnage was 7.6 % higher than November , while the copper grade was 10.5 % higher .
The project ’ s pre-production surface stockpiles from the Kakula and Kansoko mines now contain about 1.52-million tonnes of high-grade and medium-grade ore , at an estimated blended grade of 4.03 % copper .
The stockpile so far contains more than 61 000 t of copper . Ivanhoe plans to have 125 000 t of contained copper stockpiled prior to the planned start of processing activity in July .
Underground development at the project remains 10 km ahead of plan , with 2.7 km of development having been completed in December , which is a new monthly record at about 620 m more than the prior monthly record achieved in October . Ivanhoe has completed almost 30 km of underground development at the project .
“ After more than 26 years of continuous efforts , Ivanhoe and its joint venture partners are less than six months away from initial production at Kamoa-Kakula
“ Our expectations are for continued rising copper prices through 2021 and beyond ; as such , the timing of Kamoa Copper ’ s first production is fortuitous given that the project is scheduled to have ore stockpiles containing more than 125 000 t of contained copper available for processing by July 1 . A rising copper price directly impacts the realisable value of the contained copper in the stockpiles , the cost of which is capitalised ,” says Ivanhoe cochairperson Robert Friedland .
The company envisions an initial 3.8-million-tonne-a-year operation , at a feed grade of 6 % copper . Phases 1 and 2 of the project are forecast to produce about 400 000 t / y of copper . The project ’ s phased expansion scenario to 19-million tonnes a year would make the Kamoa-Kakula project the world ’ s second-largest copper mining complex , with peak copper production of more than 800 000 t / y .
The Kamoa-Kakula project is a joint venture between Ivanhoe with 39.6 % ownership , Zijin Mining Group with 39.6 % ownership , Crystal River Global with 0.8 % ownership and the DRC government with 20 % ownership
Lucapa Diamond Company sells diamonds from Lilo at approximately US $ 8m
Lucapa Diamond Company ( LOM )
has sold a batch of diamonds produced at the Lulo alluvial mine in Angola for approximately US $ 8m . In its first sale of the year , Lucapa and its partners , Empresa Nacional de Diamantes E . P . and Rosas & Petalas sold the rough diamond parcel of 4273 carats by Sociedade Mineria Do Lulo for US $ 5.9m per carat .
Lucapa is a diamond producer with mines in Angola and Lesotho . The Lulo alluvial mine in Angola and the Mothae kimberlite mine in Lesotho both produce diamonds , with more than 75 per cent of revenues generated from the recovery of stones with more than 4.8 carats .
Lulo has produced 18 diamonds of more than 100 carats to date and is one of the highest average US dollar per carat alluvial diamond producers in the world . The mining company ’ s Managing Director Stephen Wetherall said that prices achieved by SML at this sale continued to reflect the positive industry mood , and with sales from both operations in 2021 already totalling A $ 15m , it has been a solid start to the year-as with the first sale of Mothae diamonds earlier on this year .
Lucapa Diamond Company Ltd is a growing global producer of high-value diamonds from the Lulo alluvial mine ( Angola ) and Mothae kimberlite mine ( Lesotho ). Lucapa is also achieving encouraging exploration results from its search to discover the primary kimberlite source of the exceptional alluvial production from Lulo .
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