Ivanhoe, Gécamines Sign New JV to Restart Kipushi

Ivanhoe Mines has signed a new joint venture (JV) agreement with Gécamines, the Democratic Republic of the Congo’s state-owned mining company, to restart the ultra-high-grade Kipushi zinc-copper- germanium-silver mine. Activities to restart Kipushi on the surface construction and underground are well underway with first production expected in Q2 2024. The signing of the new JV heralds the beginning of a new era of production for the Kipushi mine, which will resume operations 100 years after first opening in 1924 as the world’s richest copper mine.

“The relaunch of the Kipushi mine is a source of pride for all of Gécamines’ employees, the local communities of Kipushi town, the Haut-Katanga Province as well as our country as a whole,” Gécamines’ Chairman, Guy-Robert Lukama Nkunzi said. “The restart of operations of a mine as emblematic as Kipushi, after 30 years of inactivity, is a strong signal of the desire and commitment of Gécamines, and its partner Ivanhoe Mines, to contribute to the DRC’s economic development, in accordance with the vision outlined by President Felix- Antoine Tshisekedi Tshilombo.”

Gécamines will immediately increase its stake in KICO to 38%, then to 43% in 2027, strengthening its position in the joint venture. “Together we will make Kipushi great again!” said Ivanhoe Mines’ Founder and Executive Co-Chairman, Robert Friedland. “Kipushi is an extraordinary mineral endowment, holding not only the world’s richest zinc orebody, but also significant quantities of copper, lead, silver, germanium and gallium. Kipushi is another great example of the unparalleled opportunities in the DRC for mineral development. There is no better place on our planet to build a mine.”

As announced on February 14, 2022, Gécamines, Kipushi Holding and Kipushi Corp. (KICO) signed a term sheet to return the Kipushi mine to commercial production. The agreement has now been fully executed and Kipushi Holding, a subsidiary of Ivanhoe Mines, transfers to Gécamines an additional 6% of the share capital and voting rights in KICO. As a result, Gécamines’ ownership in Kipushi Holding increases from 32% to 38%.

The new Kipushi concentrator is 79% complete and ahead of schedule for first production in Q2 2024. The 800,000- mt/y concentrator includes dense media separation, milling and a flotation circuit, and is expected to produce more than 250,000 mt/y of zinc over the first five years of production. Design recoveries are targeted at 96%, with a concentrate grade averaging 55% contained zinc. The project is 79% complete and is tracking ahead of schedule, with commissioning expected to take place in the second quarter.

As featured in Womp 2024 Vol 02 - www.womp-int.com