Finance

DR Congo: Ivanhoe Mines secures $420mln for Kamoa-Kakula project

Wednesday, 02 December 2020 15:58
DR Congo: Ivanhoe Mines secures $420mln for Kamoa-Kakula project

(Ecofin Agency) - Ivanhoe Mines announced yesterday it has obtained financing from various lenders for a total of $420 million for its Kamoa-Kakula copper project in the DRC.

Part of the funds ($220 million) will be used to purchase underground mining equipment and services from Swedish giants Sandvik AB and Epiroc AB, as well as Finland's Normet Oy. The rest, a credit line allocated by a subsidiary of the Chinese partner Zijin Mining, will be used to finance the extension work of the project in phase 2. 

While Ivanhoe is still scheduled to begin production at the Kakula deposit by July 2021, the second phase of the project is designed to double the annual processing capacity of the copper mine to 7.6 million tons. With the new funds obtained, the company plans to accelerate the execution of this module and to have the expanded plant operating at full capacity as early as the third quarter of 2022 (the original target date was 2023).

“We have a very positive outlook for copper prices in the coming years; so we want to ensure that the operation reaches its near-term production capacity as expeditiously as possible, while also maintaining our strong balance sheet,” said Ivanhoe CEO Robert Friedland.

As a reminder, Ivanhoe Mines intends to make the Kamoa-Kakula project the second largest producing copper mine in the world, with an annual delivery of 740,000 tons of copper in its twelfth year of operation.

Louis-Nino Kansoun



 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.