Ivanhoe Mining has received a secondary investment in Citic Metals to develop the first decade of copper production of 382000 tons per year.

Published: Aug 19, 2019 16:33

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Canada's Ivanhoe Mining Ivanhoe Mines recently announced that it has received a second major strategic investment from Citic Metals Africa, a subsidiary of Citic Metals, valued at C $612 million (US $490 million), to speed up the construction of the giant copper mine in Kakula, the Democratic Republic of the Congo. Once fully developed, the mine could produce 382000 metal copper a year in the first 10 years and climb to 700000 tons after 12 years of operation. The copper mine is expected to begin production of copper concentrate in the third quarter of 2021.

SMM8, 19 March: Canada's Ivanhoe Mining Ivanhoe Mines recently announced that it has received the second major strategic investment from Citic Metals Africa, valued at C $612 million (US $490 million), to speed up the construction of the giant copper mine in Kakula, the Democratic Republic of the Congo.

The investment is an important part of Ivanhoe's long-term strategic partnership with Citic Metals, which has invested C $1.2 billion (US $902 million) in Ivanhoe Mining in less than a year.

Once fully developed, the mine can produce 382000 metal tons of copper a year in the first 10 years, and after 12 years of operation, annual production will climb to 700000 metal tons.

The copper mine is expected to begin production of copper concentrate in the third quarter of 2021.

Analysts also believe the giant copper mine could restore Congo to its historical position as one of the world's largest copper producers.

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