Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) is expanding its exploration activities to another prominent copper-producing country, aiming to replicate the achievements it has garnered within the Central African Copperbelt. Recently, the company signed a Memorandum of Understanding (MOU) with Zambia’s Ministry of Mines and the government, marking a significant step towards new exploration efforts.
The agreement was formalized on August 26, in a ceremony that included Zambia’s Minister of Mines, Paul Kabuswe, and Permanent Secretary, Dr. Hapenga Kabeta, alongside senior executives from Ivanhoe Mines.
Commitment to Sustainable Development of Zambia’s Mineral Resources
The MOU highlights Ivanhoe’s intentions to collaborate with the Zambian government to co-develop potential mining projects. The goal is to ensure the long-term, sustainable development of Zambia’s mineral resources, while also contributing to the country’s economy and benefiting local communities.
As part of the agreement, Zambia’s Ministry of Mines has committed to sharing geological data, identifying prospective land areas, and providing access to a range of existing and new datasets, including information from a recent 750,000 km² airborne geophysical survey. The ministry will also assist with licensing processes.
Ivanhoe has already applied for a significant exploration licence in Zambia, with the awarding of licences expected by the end of the year.
Exploration Model Based on Previous Success
Following the successful issuance of exploration licences, Ivanhoe plans to invest heavily in exploration work, in collaboration with the Geological Survey of Zambia. The company aims to co-develop viable mining projects through joint ventures with the Zambian government.
The company’s strategy in Zambia mirrors its previous success at the Kamoa-Kakula copper complex in the Democratic Republic of the Congo (DRC), where Ivanhoe has identified 50 million tonnes of copper over a two-decade period.
“Ivanhoe Mines is just beginning to expand its global exploration efforts, targeting the discovery of vital green metals needed for industrialization and electrification,” Ivanhoe’s founder and executive co-chair Robert Friedland stated.
“The partnership with Zambia follows the same spirit as our collaboration with the DRC government, which led to the development of Kamoa-Kakula. This copper complex, in just three years since starting production, is on track to become the world’s third-largest copper mine,” Friedland added.
Exploration in Angola and Additional Ventures
Beyond Zambia, Ivanhoe is also advancing exploration in other African regions. The company holds greenfield prospecting rights over 22,195 km² in the Moxico and Cuando Cubango provinces of Angola. An initial exploration budget of $10 million has already been allocated for activities in Angola.
