Canadian Mining Journal

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Ivanhoe focuses on Kakula; defers some expenditures and announces voluntary pay cuts



Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) has completed 13.5 km of underground development – 4.2 km ahead of plan – at its Kakula copper project in the Democratic Republic of Congo and says it will bring the deposit into production on time and budget by the third quarter of 2021.

Another 29.5 km of underground development must be completed before first concentrate production next year, and Ivanhoe noted that almost all of the underground development is in mineralized material, with each blast producing about 550 tonnes of ore.

Ivanhoe expects the stockpiled ore, which has an average grade of more than 8% copper, will total about 1.5 million tonnes prior to production.

The mining company also announced cost-saving measures that should cut costs by about US$75 million, including lower expenditures this year at its Platreef palladium-platinum-nickel-copper-gold-rhodium project in South Africa and at its Kipushi zinc-copper-lead-germanium mine in the DRC.

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