Ivanhoe Mines Executive Co-Chair, Robert Friedland, and President, Marna Cloete, joined Chairman Guy-Robert Lukama Nkunzi and General Manager Placide Nkala Basadilua of Gécamines, the Democratic Republic of Congo's state-owned mining company, in announcing the signing of a new joint venture agreement. This collaboration is aimed at revitalizing the ultra-high-grade Kipushi zinc-copper-germanium-silver mine.

Providing further insights into the progress of the Kipushi project, Ivanhoe Mines offered an update, revealing that both surface construction activities and underground development are advancing ahead of schedule. The expected timeline for the commencement of first production is in the second quarter of 2024.

The significance of the newly signed joint venture agreement extends beyond business collaboration; it marks the inception of a transformative chapter for the Kipushi Mine. Remarkably, this resurgence follows a century since its initial opening in 1924 when it stood as the world's richest copper mine. The decision to resume operations at Kipushi holds profound meaning for Gécamines' employees, the local communities in Kipushi town, the Haut-Katanga Province, and the entire Democratic Republic of Congo. It symbolizes the reactivation of a historic mine after 30 years of dormancy, showcasing the commitment of Gécamines and its partner, Ivanhoe Mines, to contribute to the economic development of the DRC.

The revival of the Kipushi mine is not just a matter of business; it is a source of pride for all stakeholders involved. The agreement signifies a strong commitment from Gécamines and Ivanhoe Mines to contribute to the economic prosperity of the Democratic Republic of Congo. By resuming operations at the Kipushi Mine, an iconic asset in the mining industry, the joint venture partners are making a significant statement about their dedication to the country's economic advancement.

As part of the joint venture agreement, Gécamines will promptly increase its stake in Kipushi Mining Company (KICO) to 38%, and this will further rise to 43% in 2027. This strategic move strengthens Gécamines' position in the joint venture, reflecting its commitment to actively participate in the development and success of the Kipushi project. Additionally, this collaboration is expected to unlock the substantial potential of the Kipushi mine, known for its unique ultra-high-grade zinc deposit, as well as significant quantities of germanium, copper, and other metals critical for global growth.

Beyond the economic implications, the successful development of the Kipushi mine is anticipated to generate prosperity on multiple fronts. It will contribute to local employment, foster the development of the regional economy, and structurally reinforce both Gécamines and the Democratic Republic of Congo on the global stage as key players in the production of strategic minerals. This joint venture not only marks a strategic business alliance but also represents a shared commitment to sustainable development, economic empowerment, and the elevation of the DRC's prominence in the global mining landscape.