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Under the current uncertain global economic prospects, Ivanhoe Mines took several measures to reduce costs and improve efficiency by further optimizing the management structure, streaming company offices and senior management and reducing the non-mandatory expenditures on the projects. On the basis of maintaining a good financial position to secure the Kamoa-Kakula copper mine project can achieve the original target, which is commissioning in 2021Q3 within budget, and bring the maximum return to the company's shareholders, employees and a wide range of stakeholders.

 

27th April 2020, KOLWEZI, DEMOCRATIC REPUBLIC OF CONGO ─ Ivanhoe Mines (TSX: IVN; OTCQX:IVPAF) Co-Chairs Robert Friedland and Yufeng “Miles” Sun announced that underground development at the Kamoa-Kakula Copper Mine continues to advance ahead of schedule and that more than 13.5 kilometres of underground development is now completed, which is 4.2 kilometres ahead of plan. This month, the mining team is on pace to set a new monthly development record of 1.7 kilometres of advancement ─ 562 metres ahead of plan for the month.

 

In parallel with the construction of Kamoa-Kakula’s phase 1 Kakula Mine, the independent Kakula definitive feasibility study (DFS) and an updated Integrated Development Plan for the entire Kamoa-Kakula mining complex also remain on schedule for Q3 2020. The Kakula DFS will provide a high level of accuracy for the project economics for Kakula’s initial phase of mine development, as most construction contracts and orders for significant capital items have been placed at fixed prices. The Integrated Development Plan will include details on the planned expansion phases for the greater Kamoa-Kakula mining complex; incorporating updates for mineral resources, production rates and economic analysis.

 

Two of Kakula’s 63-tonne dump trucks hauling ore to the high-grade stockpile.