On January 10, Ivanhoe Mines announced a bond issue to raise $600 million. Part of the proceeds will support the firm’s operations in the Democratic Republic of Congo (DRC). This year, Ivanhoe plans to invest up to $1.7 billion in the Central African nation, on its Kamoa-Kakula copper complex and Kipushi zinc mine.

https://x.com/IvanhoeMines_/status/1877754011807355133

In detail, Ivanhoe intends to invest between $1.42 billion and $1.67 billion at Kamoa-Kakula. Most of these funds will serve to expand the mine.  Last year, from January to September, Ivanhoe spent $1.61 billion on the project.

Kamoa-Kakula is projected to produce over 600,000 tonnes of copper concentrate by 2026, an increase from a peak of 580,000 tonnes expected in 2024. Last year, the complex delivered 437,061 tonnes of copper.

In contrast, Ivanhoe plans to spend far less on its Kipushi this year, mainly because it spent $185 million in H1 2024 to help revive the project. And now that Kipushi started producing, its operator plans to allocate only $25 million to boost processing capacity by 20% by Q3 2025, and $40 million for ongoing operational maintenance.

While these investments cover Ivanhoe’s DRC operations, the firm has not disclosed how much local suppliers should expect to capture directly. Recently, Congolese authorities have intensified efforts to ensure that local subcontractors and suppliers gain more from investments made by foreign mining companies.

Emiliano Tossou, Ecofin Agency