Ivanhoe Mines plans new DRC copper mine
Ivanhoe plans new Congo copper mine to rival existing Kamoa
Says not interested in mergers
Says mining deals do not add copper output
By Felix Njini
LONDON, Oct 7 (Reuters) -Ivanhoe Mines IVN.TO plans to build a copper mine in the Democratic Republic of Congo, as it favours boosting output through organic growth in a sector dominated by deal-making.
The Vancouver-based producer could start building its Western Foreland project over the next three years, and eventually it could be as big as its Kamoa-Kakula mine in Congo, Marna Cloete, president and CEO for Ivanhoe, told Reuters.
Ivanhoe, founded and backed by mining billionaire Robert Friedland's Kamoa-Kakula mine on the African copperbelt, has transformed the company from a minerals explorer nearly a decade ago into an African copper titan.
Congo is the world's No. 2 copper producer, after Chile.
With global future demand for copper spurring a recent price rally, Ivanhoe plans a replica of its existing Kamoa-Kakula at the adjacent Western Foreland deposit, the CEO said.
The company has been expanding the mine since 2021 and now aims to produce about 600,000 metric tons of copper next year, from a target of about 450,000 tons this year.
Ivanhoe opting for organic growth contrasts with attempts at major deals involving leading global miners such as BHP GroupBHP.AX and Glencore GLEN.L scrambling to pay premiums for copper producers.
"A deal doesn't add copper, it just changes ownership from one set of management to the next," Cloete said. "If we replicate the success we have had at Kamoa-Kakula, that's probably one of the best things we can do for our shareholders."
Cloete estimates that Ivanhoe could start producing copper at the Western Foreland project in about five years, gradually expanding from an initial output target of about 300,000 tons.
At the Kamoa-Kaluka complex, jointly owned with Chinese giant Zijin Mining Group 601899.SS , Ivanhoe is studying a long-term aim to raise output to just below 1 million tons of copper annually, Cloete said.
Boosting output in Congo will largely depend on supply of adequate electricity and improvement in logistics to ship finished metal, she said. Ivanhoe's land in Congo could account for way above 1 million tons of copper a year in the future, she added.
DEALS SPREE
Ivanhoe wants to build the Western Foreland mine using its own resources, even as investors flood it with offers for financing and partnerships, said Cloete, a chartered accountant who joined the company in 2006.
Global demand for copper, with uses ranging from power, construction, electric vehicles to artificial intelligence data centres, is forecast to surge at least 60% by 2050, according to the International Energy Agency.
Deal-making is not boosting investment in new mines, Cloete said.
Ivanhoe hasn't escaped deal-makers' radar, she said, adding that several different parties had shown interest. Cloete declined to comment on speculation that the Western Foreland project could be jointly developed with Manara Minerals, backed by Saudi Arabia Mining Co 1211.SE, or Ma'aden. Joint ventures would need to have a compelling proposal, Cloete said.
"It's not just always just about money. Is it the right time, the right partner? Once you tick all those boxes then you can entertain a conversation."
Reporting by Felix Njini; editing by David Evans
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