"It's hard to overstate how important the discovery is for Ivanhoe Mines, our operating partners, and the people of DRC."

Marna Cloete

PRESIDENT, IVANHOE MINES

April 08, 2022

Kamoa-Kakula is projected to become one of the largest, highest-grade, and lowest-carbon copper mines in the world. Please can you comment on the significance of this project for both Ivanhoe and for the country?

The Kamoa-Kakula Joint Venture is truly a generational mineral discovery based on the size, grade and continuity of the ore bodies. As noted, based on independent bechmarking by Wood Mackenzie the operation is projected to become the second-largest copper complex globally, under an expansion scenario to 19 million tonnes per annum (t/y), with annual copper production potential more than 800,000 t/y.

It's hard to overstate how important the discovery is for Ivanhoe Mines, our operating partners, and the people of DRC. The government is a 20% owner at the joint-venture level. The operation is just getting started and will be a responsible, highly profitable, long-life supplier of key metals that the world desperately needs for the clean energy transition. It will provide revenue, training and job opportunities for local stakeholders for generations.

How is the success of Kamoa-Kakula as a greenfield discovery endorsing DRC as a mining jurisdiction?

DRC has a rich mineral endowment and a long history with mining, but it hasn’t always been a positive history. At Ivanhoe, we’re committed to re-inventing mining in terms of environmental stewardship, stakeholder engagement and legacy management.

Kamoa-Kakula has really emerged as a model in terms of how we’d like to build mining operations. We have advanced Kamoa-Kakula from discovery through to development and production, while establishing strong local and global partnerships that have really made it a true success story for the DRC.

The project has proven that responsible mining in the DRC is very achievable and that with strong community and government partnerships you can advance a world-scale copper project to production on schedule and under budget.

Kamoa-Kakula has also highlighted the huge potential in the very young, talented workforce in country that is just waiting for training and opportunities. At one point during construction our total workforce consisted of well-over 90% Congolese nationals, and we continue to train and upskill with the goal of advancing more and more local people into management positions.

We believe the DRC has a very bright future as a long-term, responsible supplier of key minerals that will underpin our global transition to clean energy systems.

How is the development of a large-scale underground mine like Kamoa-Kakula fostering the introduction of new technologies?

Kamoa-Kakula is a unique discovery in that it combines ultra-high copper grades in thick, shallow and relatively flat-lying, sediment-hosted deposits. These attributes allow for modern, digital mining technologies and training, as well as a lower project footprint due to the higher-grade material and the ability to return approximately half of the operation's waste underground in the form of backfill.

We are currently planning to achieve net-zero emissions at Kamoa-Kakula with the major innovation involving the adoption of emissionless battery electric equipment. We're working with equipment manufacturers currently to determine the best path towards achieving that goal.

We're also proud of Kamoa Copper's cutting-edge training centre where local people can learn new skills on digital equipment and on-the-job training.

What is the evolution of the Kipushi zinc-copper-germanium-silver redevelopment?

On February 14, 2022, we announced a new agreement with our partner Gécamines, DRC’s state-owned mining company, for the planned rebirth of the historic Kipushi mine. When production begins it will be the world's highest-grade major zinc mine, with average grade of 36.4% zinc over the first five years.

Kipushi also will be fully powered by clean hydroelectricity aligning with Ivanhoe’s vision to produce “green metals”.

What is the potential of clean, hydro-electric power in helping the country’s energy deficit?

We are fortunate to be operating in the DRC, which is blessed with incredible hydropower potential. In April 2021, Kamoa Copper signed an agreement with the DRC’s state-owned power company La Société Nationale d'Electricité (SNEL) to upgrade Turbine 5 at the Inga II hydropower complex, which will produce approximately 162 MW of renewable hydropower.

Do you have a final message?

Our outstanding operational success in 2021 is a product of the culture and values promoted throughout the organization.  We are focused on training and empowering young, talented workforces to operate globally significant mining operations for generations. We invest deeply in our people, and we celebrate their diversity, as diversity is a core value and a key to our strength.

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