Kipushi Corporation, a joint venture (JV) between Ivanhoe Mines and Gécamines, a Democratic Republic of the Congo (DRC) state-owned mining company, has signed an offtake agreement and a $250 million financing term sheet with Glencore.
The $250-million financing facility will be split into two tranches and drawn down quarterly.
This will help Ivanhoe and Gécamines in their efforts to restart the historic Kipushi zinc/copper/lead/germanium mine.
Plans are afoot for the mine to produce its first concentrate in the third quarter of 2024.
The offtake for all of Kipushi's zinc concentrates is estimated to be between 400 000 t/y and 600 000 t/y over five years.
“The offtake and financing milestones are critical deliverables that allow us to return Kipushi to production by the third quarter of next year. Most importantly, these agreements reflect the strength of our partnership with Gécamines and our commitment to the people of the Kipushi community and the DRC” said Ivanhoe president Marna Cloete.
"Kipushi soon will join Kamoa-Kakula as another tier-one production asset in our portfolio, and mark the next step as we execute our plan to emerge as the world's newest diversified major mining company.”
Gécamines chairperson Guy-Robert Lukama Nkunzi said the Kipushi project, by its unprecedented nature, can form a catalyst for the parastatal to become an important factor in the project’s value chain.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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