KEY POINTS
- Ivanhoe Mines enters a deal to explore copper in Zambia.
- The company aims to replicate its success in Congo’s Kamoa-Kakula mine.
- A joint venture with Zambia could lead to long-term economic benefits.
Ivanhoe Mines Ltd, known for its copper success in the Democratic Republic of Congo (DRC), is now diversifying to Zambia.
The Canadian mining company which contributed to the discovery of one of the world’s largest copper reserves in the Democratic Republic of Congo, plans to replicate this success in Zambia, another major copper-producing country.
This week on Monday, Ivanhoe inked an MOU with Zambia’s mining ministry to venture into exploring the mineral-rich soils of the nation. This partnership entails looking for potentially rich deposit areas as well as fostering the economic development of Zambia.
The partnership was sealed on August 26, with Zambian Mining Minister Paul Kabuswe and several executives of Ivanhoe in attendance.
Strong ties for copper exploration
For Ivanhoe, the agreement with Zambia is much more than just a piece of paper with ink on it. The MOU also has provisions from the Mining Ministry of Zambia to provide geological information, identify prospecting zones, and help in acquiring new mining licenses.
A baseline geophysical survey, which was done recently by the Zambian government, was carried out on an area of 750000 square kilometres of the country to assess the mineral prospect.
In the meantime, Ivanhoe has made an application for a large exploration license in Zambia which is expected to be granted by the end of the year. The company has plans to work with the Geological Survey of Zambia to commence the exploration process as soon as the licenses are granted.
Aiming to mirror DRC’s success
According to Mining.com. Ivanhoe intends to replicate the model that led to the development of the Kamoa-Kakula copper mine in the DRC. Since its discovery two decades ago, the copper complex has yielded about 50 million tonnes of copper, turning it into one of the largest copper discoveries in the world.
Using the same approach, Ivanhoe plans to create another first-class copper mining company in Zambia.
Investment and sustainability
Besides the concept of exploration, Ivanhoe has vowed to commit to Zambia’s development. The company assures to generate sustainable and positive social and economic impacts among the various stakeholders in that region.
This is reflected in its operations in the Democratic Republic of Congo, where Ivanhoe worked hand in hand with the government to demonstrate how mining activities could positively impact both the company and the people.
