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Ivanhoe Mines announces an independent pre-feasibility study

Mining News - Published on Mon, 11 Feb 2019

Image Source: Newsfile Corp.
Mr Robert Friedland, Co-Chairman of Ivanhoe Mines, announced in a keynote address at the 25th annual Mining Indaba that the company and its Chinese partners, Zijin Mining Group and Crystal River Global Limited, welcome the extremely positive findings of an independent pre-feasibility study (PFS) for the development of the Kakula copper mine and an updated, expanded preliminary economic assessment (PEA) for the overall development plan of the Kamoa and Kakula copper discoveries at the Kamoa-Kakula Project on the Central African Copperbelt, in the Democratic Republic of Congo.

Mr Friedland said that "It has been a remarkable 25 years since my first keynote presentation at the very first Mining Indaba, in this beautiful city of Cape Town, South Africa. In that inaugural speech in 1994, we shared with delegates how African Minerals, the founding, corporate trailblazer for Ivanhoe Mines, was focused on its quest for major discoveries in and around Southern Africa's legendary mineral fields. Now, after more than a quarter of a century of exceptional field work by our team of visionary and tenacious exploration geologists, we are about to make the 'Great Leap Forward' from one of the modern world's top mine finders to one of the world's leading producers of copper - as well as palladium, platinum, zinc, nickel, gold, silver and rhodium from the other two major mining projects that Ivanhoe is developing in Southern Africa.”

He said that "To all of our African Brothers and Sisters, you now can clearly see the fruits of the incredibly intensive efforts by our people over the past two decades, while overcoming countless challenges, to initially discover, then extensively expand, the Kamoa and Kakula resource base with a massive drilling and engineering effort. The Kamoa-Kakula Project now stands as the 'Beacon that Shines Light' on the fundamental importance of stable and transparent legal and fiscal frameworks. Looking back on the last 25 years, we reiterate the obvious fact that mining is a very long-term business that requires stability to attract capital. Future generations of young Congolese people will massively benefit from the establishment of a stable and predictable fiscal environment to attract foreign investment.”

He added that "Today, together with our strategic shareholder CITIC Metal, our Co-Chairman Yufeng "Miles" Sun, our Chinese joint-venture partner Zijin Mining, and the newly elected DRC government, led by His Excellency Félix Antoine Tshisekedi Tshilombo, we are proud to share with the world these outstanding, independently-prepared, engineering studies conducted over the past two years. These studies clearly prove our long-standing conviction that Kamoa-Kakula is firmly on track to become one of the absolute greatest copper mining complexes in the world, helping to restore Katanga's rightful position as the world's largest copper producing region. This would not have happened without the extraordinary efforts of the Ivanhoe discovery team and our investment of more than US$800 million in exploration and development.”

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Posted By : Rabi Wangkhem on Mon, 11 Feb 2019
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