{"id":1148829,"date":"2019-11-08T09:27:45","date_gmt":"2019-11-08T15:27:45","guid":{"rendered":"https:\/\/www.mining.com\/?p=1006378"},"modified":"2019-11-08T09:27:45","modified_gmt":"2019-11-08T15:27:45","slug":"cost-of-ivanhoes-giant-copper-project-in-congo-hits-1-3-billion","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1148829","title":{"rendered":"Cost of Ivanhoe\u2019s giant copper project in Congo hits $1.3 billion"},"content":{"rendered":"<p>Canada\u2019s Ivanhoe Mines (TSX:IVN)\u00a0<a href=\"https:\/\/ivanhoemines.com\/news\/2019\/ivanhoe-mines-issues-third-quarter-financial-results-and-review-of-mine-development-and-exploration-activities\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said Friday<\/a> that initial capital costs for its Kakula copper mine in the Democratic Republic of Congo (DRC) is now estimated at $1.3 billion, or 18% more than previously pinned down.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The fresh figure, which includes expanded plant capacity, additional mining fleets and pre-production ore stockpile, will allow the company to begin production at the mine in the third quarter of 2021, <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/ivanhoemines.com\/news\/2019\/ivanhoe-mines-issues-third-quarter-financial-results-and-review-of-mine-development-and-exploration-activities\/\" >Ivanhoe said<\/a>.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Fresh figure includes expanded plant capacity, additional mining fleets and pre-production ore stockpile.<\/p>\n<\/blockquote>\n<\/figure>\n<p>Capacity of Kakula\u2019s processing<br \/>\nplant modules increased by 26% in the three months to Sep. 30, from 3 Mtpa to<br \/>\n3.8 Mtpa, significantly boosting projected early-stage copper production, the<br \/>\nToronto-based miner noted.<\/p>\n<p>Billionaire Robert Friedland\u2019s<br \/>\ncompany has been working on Kamoa-Kakula for ten years. In 2015, China\u2019s Zijin<br \/>\nMining Group got on board, becoming Ivanhoe\u2019s partner in the project. Citic Metal,<br \/>\nanother Chinese firm, followed suit last year, becoming&nbsp;<a href=\"https:\/\/mining.com\/chinas-citic-ivanhoe-mines-top-shareholder-548m-deal\/\"  rel=\"noreferrer noopener\">Ivanhoe\u2019s largest shareholder<\/a>.<\/p>\n<p>Friedland, who made his fortune<br \/>\nfrom the Voisey\u2019s Bay nickel project in Canada in the 1990s, has repeatedly<br \/>\nstated that Kamoa-Kakula has the potential to become&nbsp;the world\u2019s<br \/>\nsecond-largest copper mine.<\/p>\n<p>Once fully developed, the mining complex could produce 382,000 tonnes of copper a year during the first 10 years, climbing to <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/mining.com\/friedland-confident-congo-copper-mine-will-worlds-second-largest\/\" >700,000 tonnes of copper after 12 years of operations<\/a>. <\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2019\/11\/Projected-18-Mtpa-Kamoa-Kakula-PEA-production-.jpg\" alt=\"\" class=\"wp-image-1006380\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2019\/11\/Projected-18-Mtpa-Kamoa-Kakula-PEA-production-.jpg 733w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/11\/Projected-18-Mtpa-Kamoa-Kakula-PEA-production--300x161.jpg 300w\" sizes=\"(max-width: 733px) 100vw, 733px\" \/><figcaption><em> Source: <a href=\"https:\/\/ivanhoemines.com\/news\/2019\/ivanhoe-mines-issues-third-quarter-financial-results-and-review-of-mine-development-and-exploration-activities\/\"  rel=\"noopener noreferrer\"> Wood Mackenzie (based on public disclosure; the Kakula 2019 PFS has not been reviewed by Wood Mackenzie).<\/a><\/em><\/figcaption><\/figure>\n<p>Analysts also believe the giant mine could restore the DRC\u2019s historical position as one of the world\u2019s top copper producing countries.<\/p>\n<p>Kakula would be the first of of at least three mines planned for the Kamoa-Kakula copper complex, <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Initial production from the Kakula mine, the first of at least three copper mines planned at Kamoa-Kakula, is scheduled for late 2021.<\/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":[2849,369],"tags":[43],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148829"}],"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=1148829"}],"version-history":[{"count":4,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148829\/revisions"}],"predecessor-version":[{"id":1148846,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148829\/revisions\/1148846"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1148829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1148829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1148829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}