KEY POINTS
- Ivanhoe’s Western Forelands copper resource has increased 30% to 12 million tonnes.
- US Big Tech firms are exploring copper offtake and mine-financing opportunities.
- Record copper prices reflect growing concerns over future supply and rising demand.
Mining tycoon Robert Friedland says major US technology companies are showing growing interest in securing copper supplies from Ivanhoe Mines’ expanding Western Forelands project in the Democratic Republic of Congo (DRC), as concerns intensify over the ability of global mining companies to meet future demand.
Friedland, founder and chairman of Toronto-listed Ivanhoe Mines, said the company is receiving what he described as “unconventional interest” from Silicon Valley technology giants, sovereign wealth funds and major mining companies seeking access to future copper production.
The development comes as copper prices climb to record levels and demand accelerates, driven by artificial intelligence infrastructure, data centres, renewable energy projects and the expansion of electricity grids.
Ivanhoe Mines announced that a new drilling campaign at Western Forelands has increased the project’s estimated mineral resource by 30%, lifting contained copper resources to about 12 million tonnes.
The company is continuing exploration at the project and plans to begin a scoping study early next year as it evaluates options for developing the large copper deposit.
Friedland said the project could potentially move into production within three to four years, reflecting the quality of its geological characteristics and its proximity to Ivanhoe’s existing operations in the DRC.
Unlike Ivanhoe’s nearby Kamoa-Kakula copper complex, which relies on underground mining, Western Forelands is considered more suitable for open-pit development.
US tech giants seek secure copper supplies
Friedland said discussions with technology companies have included potential agreements to secure future copper production as well as possible financing for mine construction.
He did not identify the technology companies involved, but major hyperscalers such as Amazon, Microsoft and Google are rapidly expanding data-centre infrastructure to support the global artificial-intelligence boom.
The massive expansion of data centres is increasing demand for copper because the metal is essential for electrical wiring, power distribution, cooling systems and other infrastructure required to operate large computing facilities.
Friedland said the interest from the technology sector reflects a growing realisation among companies with enormous financial resources that securing access to critical minerals may become increasingly important in a fragmented global economy.
