Ivanhoe Mines is accelerating exploration in the Western Forelands in the Democratic Republic of Congo, with the Canadian mining group now planning to spend $86 million there in 2026, up from the $50 million announced in February, according to its quarterly report published on May 6. The revised figure marks a $36 million increase.

The spending will account for most of Ivanhoe’s global exploration budget, which has been raised to $127 million. The remainder is earmarked for projects in Kazakhstan, Angola, Zambia and South Africa. The increase reflects growing confidence in the potential of the company’s Congolese assets, particularly around Makoko, near the Kamoa-Kakula copper complex.

The 2026 exploration campaign will be Ivanhoe’s largest ever in the Western Forelands. The company plans to drill nearly 100,000 meters to identify new copper-rich zones and further define the district’s resource potential. An updated resource estimate is expected in the third quarter of 2026.

Makoko at the Center of Ivanhoe’s Expansion Strategy

The Western Forelands covers 2,427 square kilometers, roughly six times the size of the Kamoa-Kakula complex, the largest copper operation in the country. Within that area, Makoko has emerged as the company’s key exploration target. Ivanhoe says the district already hosts substantial copper resources and describes it as the world’s fifth-largest copper discovery since Kakula in 2016.

The 2026 program aims both to improve confidence in identified resources and extend exploration further across the district. Since the 2025 resource estimate, the Makoko district has expanded by two kilometers to reach 15 kilometers in length. It is now located less than eight kilometers from Kakula West, strengthening the prospect of a broader copper corridor around Kamoa-Kakula.

“We have extremely strong momentum in the discovery process for major copper systems. The Makoko District copper discovery in the Western Forelands is an emerging giant in the making, and its significance is growing around the clock. Soon, we will reveal our development plans for the Western Forelands,” said Robert Friedland, founder and co-chairman of Ivanhoe Mines.

Copper Demand Supports Long-Term Expansion Plans

The expansion comes as copper prices remain supported by rising demand linked to electrification, power grids, electric vehicles, data centers and artificial intelligence infrastructure. Copper prices reached record highs in 2026, briefly surpassing $14,500 per metric ton in January, according to the International Energy Agency.

For Ivanhoe, the market environment reinforces the strategic value of its Congolese assets. Friedland has described copper as the “king of metals” and says global demand is entering a prolonged growth cycle driven by electrification and digital infrastructure. While Kamoa-Kakula remains the company’s main production engine, the Western Forelands is increasingly positioned as its next growth platform.

That outlook is supported by international forecasts. Global copper demand is expected to rise by more than 40% by 2040, while supply growth is struggling to keep pace, according to UNCTAD. The organization estimates that around 80 new copper mines and $250 billion in investment will be needed by 2030 to meet demand tied to the energy transition and expanding digital infrastructure.

The development timeline nonetheless remains long term. Ivanhoe expects to publish a new resource estimate in the third quarter of 2026, ahead of a preliminary technical study planned for 2027. Those milestones will help determine the economic viability of a future mining project in the Western Forelands.

Pierre Mukoko