(Ecofin Agency) - On February 26, Ivanhoe Mines announced that the “remarkable” Kamoa-Kakula deposit contains a 50% more copper than previously estimated increase in indicated mineral resources, at a 3% cut-off grade. This follows an updated estimate conducted under the supervision of Amec Foster Wheeler, the independent consultant.
According to the current estimations, “Kakula now contains Indicated Mineral Resources of 174 million tonnes at 5.62% copper, plus additional Inferred Mineral Resources of 9 million tonnes at 3.66% copper, at a 3% cut-off. At a 1% cut-off, Kakula’s Indicated Mineral Resources have increased by 58%, now totalling 585 million tonnes at 2.92% copper”
The company said that this new estimate establishes Kamoa-Kukula project as the world’s fourth-largest copper discovery, ahead of the big Grasberg deposit in Indonesia. Better still, its copper grade is, by far, the highest of the top 10 of the largest copper deposits in the world.
“Kakula is the most remarkable mineral discovery we have seen during our 35-plus years in the exploration industry,” stated Robert Friedland, Ivanhoe’s CEO.
Let’s recall that Kamao-Kakula is a joint venture between Ivanhoe Mines, Zijin Mining, and the DRC’s government.