Ivanhoe Mines (TSX: IVN) announced its plans to commence exploration activities in Angola in the coming year, following the acquisition of greenfield prospecting rights spanning an area comparable to Switzerland. This initial five-year agreement covers 22,195 square kilometres in Angola’s Moxico and Cuando Cubango provinces, marked as promising greenfield copper exploration grounds. The exploration activities are scheduled to begin in early 2024 after the mobilisation of the dedicated team.
While Ivanhoe has the option to extend the permit for up to seven years, a 50% relinquishment of prospecting rights is mandated at the end of the initial five-year period. Founder and co-chairman of Ivanhoe, Robert Friedland, expressed the company’s aspiration to position Angola as a significant global producer of essential minerals for the long term. The statement emphasised Ivanhoe’s commitment to meeting the planet’s growing demand for strategic minerals. The granted greenfield area has seen limited prior exploration. Much of the land is characterised by Kalahari sand and Karoo volcanics, like the Kamoa-Kakula licenses in the Democratic Republic of Congo (DRC), rendering conventional exploration techniques less effective.
Ivanhoe joins Anglo American (LON: AAL) and Rio Tinto (ASX: RIO) in undertaking greenfield exploration initiatives in the region. The company has allocated an initial exploration budget of $10 million for Angola, leveraging the expertise developed through its successful discoveries in the DRC, such as Kamoa-Kakula and the Western Foreland. The exploration team plans to utilise its experience in navigating challenges posed by the unique geological features of the greenfield area. Notably, Ivanhoe has achieved success at the Kamoa-Kakula complex, where copper exports commenced in mid-2021.
The transportation of output from the mine involves rail shipment via the Lobito Corridor, traversing Angola and reaching the Atlantic Ocean. In addition to its endeavours in Angola, Ivanhoe is actively working to revive the historical high-grade Kipushi zinc mine in the DRC and conducting exploration at the Western Foreland project in the same country. Furthermore, the company is progressing the construction of its 64%-owned Platreef project in South Africa, focusing on palladium, rhodium, nickel, platinum, copper, and gold.
Source: Mining.com
