Ivanhoe Mines increases funding for 2024 exploration
Ivanhoe Mines is a leading diversified mining company focused on discovering, developing and producing the critical resources essential for a low-carbon future. With a portfolio of tier-one assets, we provide exposure to copper, zinc, nickel, palladium, platinum, rhodium and other green metals. We believe that mining, done right, with purpose, vision, and a commitment to environmental and social responsibility, will play a significant role in the world’s transition to clean energy.
The company is looking towards 2024 as a year for exploration, having quadrupled its exploration budget to US$90m for 2024.
“Firstly, we will continue to expand the Kitoko copper discovery with additional drill rigs, thereby increasing our knowledge of its substantial exploration opportunities,” shares Robert Friedland, Ivanhoe founder and co-chair.
“Second, we will advance our understanding of the Makoko and Kiala deposits and optimise our studies for near-term copper mine production on our majority-owned licences. Finally, we will continue to evaluate high-priority targets across the Forelands, based on our fast-evolving proprietary database and geologic models for additional tier-one, high-grade copper discoveries.”
Increased funding spurred by new discoveries
Ivanhoe announced last week a new discovery named Kitoko, a copper mineralisation is hosted in flat-lying siltstone of the lower Grand Conglomerate, similar to the geologic setting observed at the Kamoa, Kakula, Makoko and Kiala high-grade sedimentary copper discoveries
The Ivanhoe exploration model has thus been disrupted by the Kitoko discovery, significantly increasing the proportion of the Western Foreland that is prospective for world-class, high-grade sedimentary copper systems, Ivanhoe reports.
The company added that it is talking with potential strategic investors, including major international corporations and sovereign wealth funds, regarding fast-tracking the development of the Western Foreland.
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