The mining veteran, who made his fortune from the Voisey\u2019s Bay nickel project in Canada in the 1990s, said the capacity of the project\u2019s first phase, estimated at 6 million tonnes of ore a year, could later be tripled.<\/p>\n Mine grades at Kamoa-Kakula, the PFS shows, will average 6.8% copper over the initial five years, and 6.4% in the first decade, with production starting in early 2021. First, Friedland needs to raise more than $1.1 billion, but he said he\u2019s already in talks with China-based financial institutions.<\/p>\n \u201cThe mine is getting built,\u201d Friedland said. \u201cThe first operation will be able to finance two further mines and a smelter (\u2026) That is mind-boggling and we\u2019ve never seen that before.\u201d<\/p>\n Ivanhoe Mines has been working on Kamoa-Kakula for ten years with its joint-venture partner Zijin \u2014 which\u00a0acquired a stake in the Canadian miner<\/a>\u00a0in 2015 through a wholly-owned subsidiary \u2014 and the Congolese government. The project is also backed by China\u2019s state-owned Citic Metal,\u00a0Ivanhoe\u2019s largest shareholder<\/a>.<\/p>\n Friedland\u2019s words didn\u2019t come as a surprise for those following the project’s progress. Only last week, Ivanhoe announced what it called an \u201cunprecedented\u201d intersection<\/a> in a shallow, flat lying deposit at the asset.<\/p>\n For Paul Gait, analyst at Sanford C. Bernstein, the results from drill hole DD1450 at Kamoa North were \u201cnothing short of extraordinary.\u201d In a note to investors, he said the released figures show higher copper grades than the 0.5% to 0.6% detected at Anglo American\u2019s Quellaveco project in Peru or Teck Resources\u2019 QB2 project in Chile.<\/p>\n They confirm, he said, that \u201cthe broader Kamoa-Kakula region is by far the most important and exciting mining project in the world today.\u201d<\/p>\n If fully developed, the mining complex could produce 382,000 tonnes of copper a year during the first 10 years, climbing to 700,000 tonnes of copper after 12 years of operations. More importantly, Friedland said, Kamoa-Kakula could restore the DRC to its historical position as one of the world\u2019s top copper producing countries.<\/p>\n Shares in Ivanhoe jumped on the news, trading 13% higher in Toronto to C$3.28 at market close.<\/p>\n Year-to-date, the stock is up about 27%, valuing the company at about C$3.3 billion ($2.5B).<\/p>\n Friedland greeting Kamoa-Kakula employees during a site visit. (Image courtesy of Ivanhoe Mines.<\/a><\/em>)<\/p>\n<\/div>\n The post Friedland confident Congo copper mine will be world\u2019s second-largest<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The founder of Ivanhoe Mines said the Kamoa-Kakula project is “on track to become one of the absolute greatest copper mining complexes in the world.”<\/p>\n The post Friedland confident Congo copper mine will be world’s second-largest<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1389,868,869,870,829,1387,1388,404,369],"tags":[9,25,32,33],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1098332"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1098332"}],"version-history":[{"count":6,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1098332\/revisions"}],"predecessor-version":[{"id":1098445,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1098332\/revisions\/1098445"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1098332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1098332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1098332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}If fully developed, the Kamoa-Kakula mining complex could produce 382,000 tonnes of copper a year during the first 10 years, climbing to 700,000 tonnes after 12 years of operations.<\/q><\/p>\n
Not a surprise<\/strong><\/h3>\n
Kakula, the mine likely to be built first, is projected to have an average grade of 6.8% copper over the initial five years, and 6.4% in the first decade \u2014\u00a0higher grades than\u00a0Anglo\u2019s Quellaveco project in Peru or Teck \u2019s QB2 in Chile.<\/q><\/p>\n
![\"Friedland](\"http:\/\/www.mining.com\/wp-content\/uploads\/2019\/02\/robert-friedland-world-no2-copper-mine.png\")
<\/p>\n