Canadian company Ivanhoe signed a mining investment contract with the Angola National Agency for Mineral Resources (ANRM) during the 2023 Angolan Mining Conference held in Luanda at the end of November.
Company president Marna Cloete told journalists in an interview on the sidelines of the conference that they decided to prospect for copper in Angola as they discovered that its geological formation is similar to that of the Democratic Republic of the Congo (DRC).
Ivanhoe discovered the Kamoa-Kakula and the Western Foreland in the DRC.
It is exploring new copper discoveries across its 2,400 km² of 80-100% owned exploration licenses in the Western Foreland, which are located adjacent to or near the Kamoa-Kakula Copper Complex in the DRC.
The company was granted 22,195 square kilometres of greenfield prospecting rights for exploration in the Moxico and Cuando Cubango Provinces of Angola.
In much of the permitted area, Kalahari sand and Karoo volcanics—similar to the Kamoa-Kakula licences—cover the greenfield area, making traditional exploration techniques less effective.
Ivanhoe’s exploration team will conduct a reconnaissance visit in the first quarter of 2024 across the licences to scout out access, logistics, and potential locations for a central camp.
It will also commence airborne magnetics, gravity, and electro-magnetics geophysical surveys, as well as undertake a baseline soil geochemistry survey in the second quarter of 2024 as the rainy season ends.
Below are excerpts from the interview.
Can you shed more light on the MOU that you signed with the Angola National Agency for Mineral Resources (ANRM)?
Ivanhoe Mining is an international mining company listed in Toronto, and we have signed pre-concession contracts with the Angolan government to come and do exploration in the country. We had a lot of success in the neighbouring country, the DRC.
So we discovered in the DRC what would be the third-largest copper mine in the world by next year (2024).
We are seeing a similar geological trend extending into Angola. We have been engaging with the government over the past three years, and we have had a lot of encouraging discussions for Ivanhoe to become an investor in Angola.
How much will you invest in Angola?
I can only use what we have done in the DRC as an example and it depends on what you discover, but by the end of next year, we will have invested $6 billion into the DRC because we have built a significant tier-one mine.
In exploration you start by looking at the geological trends and doing work on the ground, then you fly the area and then start with the drill programme.
Only when you see what is there geological, then you decide whether to extend it or not. So it is difficult to say at this stage what the ultimate investment would be.
When are you planning to commence work in Angola?
So we are busy incorporating a company in Angola at the moment. We have been awarded the concessions and that’s what we signed here today [during the Angola Mining Conference]. We signed a mining investment contract with the Ministry of Mines.
We will need to go through the process of putting together an exploration programme, and a budget…and apply for other ancillary permits and we will commence with work on the ground.
When are you planning to open an office in Angola?
As soon as possible.
Copper mining is prevalent in central Africa. Why are you confident of finding economic deposits of copper in Angola?
Angola, the DRC and Zambia all share the same geological formations and copper is one of the critical metals for the energy transition. Our company specialises specifically in copper on the copper belt.
What kind of social-economic benefits will this project bring to the Cuando Cubango and Moxico Provinces?
Our motto is mining with a greater purpose, so it's not just about making profits. It is about impacting the community. We usually have a model where the country we operate in shares ownership. We employ local people and incubate local businesses.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
