Ivanhoe Mines Seeks Partner for Increased Copper Mining in DRC
Ivanhoe Mines is in talks with potential partners to develop copper assets in the Democratic Republic of Congo (DRC), as the world faces a global copper shortage, fueled by new challenges for supply flows and a increased demand.
“We’re in all kinds of strategic discussions and you know, most of the most interesting investors tend to be sovereign investors,” Ivanhoe Mines founder Robert Friedland told Bloomberg TV. “We only want to do things that help him grow.”
The shift to decarbonization will require large amounts of copper to produce electric vehicles (EVs), extend transmission lines and install new cables in renewable energy sources.
According to the International Copper Study Group (ICSG), very few major copper mines have started operations in recent years, with only two opening between 2017 and 2021.
Although there are now four mines coming on line or developing almost simultaneously – Kamoa-Kakula in Congo, Quellaveco in Peru and Quebrada Blanca II and Spence-SGO in Chile – major market players are still forecasting a massive shortfall in supply by 2030.
Speaking this week in South Africa at the Indaba conference, Friedland said 700 million tonnes of copper had been mined in human history and another 700 million tonnes would be needed over the next few years. next 22 years just to maintain annual global growth rates of 3%.
The mining veteran made his fortune from Canada’s Voisey’s Bay nickel project in the 1990s. Since then he has been involved in some of the world’s biggest mining discoveries, including the giant Oyu Tolgoi copper mine in Mongolia and the Kamoa-Kakula project in the DRC.
The Congolese copper mine produced 333,500 tonnes of metal in 2022, more than double its production a year earlier. It is currently undergoing an expansion (Phase 3), which will take production figures up to 620,000 tonnes per year by 2024 when completed.
