Billionaire Friedland Plans World’s No. 2 Copper Mine in Congo

Billionaire investor Robert Friedland said the copper deposit Ivanhoe Mines Ltd. is developing in the Democratic Republic of Congo has the potential to become the world’s No. 2 mine for the metal.
“Kamoa-Kakula will become the world’s second-largest copper mine with peak annual production of more than 700,000 tons of copper metal,” Ivanhoe Co-Chairman and founder Friedland said
at a mining conference in Cape Town.
Friedland announced the findings of an independent pre-feasibility study after Ivanhoe invested $800 million in exploration and development. The capacity of the project’s first phase, producing 6 million tons of ore a year, could later be tripled, the company said. Initial mine grades will average 6.8 percent copper, with production expected to start in 2021.
“Grade is king,” said Friedland. “Nothing even comes close to Kamoa-Kakula.”
The first mine will be able to finance two further mines and a smelter, with investment of $1.1 billion, according to the co-chairman. “That is mind-boggling and we’ve never seen that
before,” said Friedland.
Ivanhoe is developing Kamoa-Kakula with its Chinese joint-
venture partner Zijing Mining Group Co. and the Congolese
The results from drill hole DD1450 at Kamoa North, released
by Ivanhoe last week, were “nothing short of extraordinary,”
Paul Gait, an analyst at Sanford C. Bernstein, said in a note.
They confirm that “the broader Kamoa-Kakula region is by far the
most important and exciting mining project in the world today,”
he said.

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