Name of the Project
Kipushi zinc/copper/lead/germanium mine.

Location
Democratic Republic of Congo (DRC).

Project Owner/s
Kipushi Corporation (KICO) is a joint venture between Ivanhoe Mines (62%) and DRC State-owned mining company Gécamines (38%).

Project Description
Kipushi is one of the world’s highest-grade major zinc mines, with an average grade of 36.4% zinc over the first five years.

The 2022 feasibility study focuses on the mining of Kipushi’s zinc-rich Big Zinc and Southern Zinc zones.
The feasibility study envisages the restart of underground mining operations, and the construction of a new concentrator facility on surface with a processing capacity of 800 000 t/y of ore, producing on average 240 000 t/y of zinc contained in concentrate over a 14-year mine life.

The project will benefit from significant existing surface and underground infrastructure to allow for substantially lower capital costs than comparable development projects.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
At a long-term zinc price of $1.20/lb, the project has an after-tax net present value, at an 8% real discount rate, of $941-million and an after-tax real internal rate of return of 40.9%, with a payback of 2.3 years.

Capital Expenditure
Preproduction capital costs have been estimated at $382-million.

Planned Start/End Date
The Kipushi mine started operations in mid-2024. The first ore was fed into the new concentrator on May 31, 2024, and the first concentrate was produced on June 14, 2024.

Latest Developments
Construction of the expanded tailings storage facility was completed during the quarter ended June 30, 2026; the facility complies with the Global Industry Standard on Tailings Management. Kipushi remains on track to meet its 2026 guidance of 240 000 t to 290 000 t of zinc in concentrate.

Adjudication of the tender for a hybrid solar PV facility is under way, with an award expected in the fourth quarter of 2026. The facility is designed to provide 10 MW of continuous baseload power, meeting about 50% of Kipushi’s energy needs, and is expected to be operational in the second quarter of 2028. Ivanhoe is also examining options to recover the significant germanium and gallium contained in Kipushi concentrate.

Key Contracts, Suppliers and Consultants
OreWin; MSA Group; SRK Consulting (South Africa); and METC Engineering (2022 feasibility study).

Contact Details for Project Information
Ivanhoe Mines (North America), tel +1 604 688 6630/+27 11 088 4300 (South Africa) or email info@ivanhoemines.com.