Ivanhoe's Mark Farren appointed Chief Executive Officer of the Kamoa-Kakula Copper Joint Venture
DGAP-News: Ivanhoe Mines Ltd.
/ Key word(s): Miscellaneous
Ivanhoe's Mark Farren appointed Chief Executive Officer of the Kamoa-Kakula Copper Joint Venture 08.10.2019 / 13:01
The issuer is solely responsible for the content of this announcement.Louis Watum joined Ivanhoe Mines in December 2014 as Managing Director of the company's operations in the DRC. In March 2015, he was appointed to the additional role of General Manager, Kamoa Copper SA. He holds lead responsibilities for Ivanhoe Mines' mine development activities now underway at the Kamoa copper discovery and the Kipushi zinc-copper-silver mine, both in the DRC.
Prior to joining Ivanhoe Mines, between 2010 and 2014, he successfully led the development and commissioning of Randgold?s Kibali Project (Randgold?s interest in Kibali subsequently sold to Barrick Gold), which followed his work on the launch of Moto Gold Mines? Moto Project from 2006 to 2009. He was the Operations Manager at the Yatela Gold Mine in Mali from 2001 to 2005.
About Yong Chen
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Dr. Yong Chen has been working in the mining industry for more than 25 years. Prior to his current appointment, Dr. Chen was Board Director and General Manager of Xinjiang Ashele Copper Ltd., a large-scale deep underground mining and processing complex majority owned by Zijin Mining Group. Prior to joining Zijin in 2012, Dr. Chen held increasingly senior managerial roles with China Western Mining Co., Ltd. for 16 years.
Dr. Chen is a Senior Engineer of Geosciences, and holds a Ph.D. in Resources Administration from the China University of Geosciences.
About Warwick Morley-Jepson
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Warwick Morley-Jepson is an experienced mining professional with a track record of increasing responsibility over a 37-year career in mining. He has held executive and management positions in underground and open-pit gold and platinum mining operations, and has undertaken several mine development projects at a senior management level, ultimately holding executive positions in several public, senior global mining companies, including Kinross Gold Corporation.
Mr. Morley-Jepson has spent significant time over the last twenty years working in West and North Africa (Mali, Ghana, Mauritania and Côte d'Ivoire), East Africa (Tanzania), Russia, Kazakhstan, Brazil, USA and Chile.
About the Kamoa-Kakula Project
The Kamoa-Kakula Project is approximately 25 kilometres west of the mining centre of Kolwezi in the DRC. It is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the DRC government (20%). Ivanhoe Mines and Zijin Mining are co-funding development of the Kamoa-Kakula Copper Project.
Based on existing mineral resources, Kamoa-Kakula has been independently ranked as the world's fourth-largest copper deposit and Kamoa-Kakula's copper grades are the highest, by a wide margin, of the world's top 10 copper deposits.
Kamoa-Kakula is unique as it combines ultra-high copper grades in thick, shallow and relatively flat-lying deposits ? allowing for large-scale, highly-productive, mechanized underground mining operations. Kakula, the first of multiple planned mines expected to be placed into production at Kamoa-Kakula, is projected to have an average grade of 6.8% copper over the initial five years of operations, and 6.4% copper over the first 10 years ? grades that are orders of magnitude higher than the majority of the world's other major copper mines.
Scientific and technical information in this news release has been reviewed and approved by Stephen Torr, P.Geo., Ivanhoe Mines' Vice President, Project Geology and Evaluation, a Qualified Person under the terms of National Instrument 43-101. Mr. Torr is not independent of Ivanhoe Mines. Mr. Torr has verified the technical data disclosed in this news release.
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the development of new mines at the Kamoa-Kakula copper discoveries in the Democratic Republic of Congo (DRC) and the Platreef palladium-platinum-nickel-copper-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the DRC. Ivanhoe also is exploring for new copper discoveries on its wholly-owned Western Foreland exploration licences in the DRC, near the Kamoa-Kakula Project.
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Cautionary statement on forward-looking information
Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements in this release include, but are not limited to: statements regarding executive management team will work closely with Mr. Watum and senior Congolese management, our government partners and our host communities to help ensure that the Kakula Mine is built on time and budget, and to the best international standards; (2) statements regarding initial copper concentrate production from the Kakula Mine, the first of at least three mines planned at Kamoa-Kakula, currently is scheduled for the third quarter of 2021; (3) statements that Kakula is the first of multiple planned mines expected to be placed into production at Kamoa-Kakula; and, (3) Kakula is projected to have an average grade of 6.8% copper over the initial five years of operations, and 6.4% copper over the first 10 years.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed under "Risk Factors" and elsewhere in the company's MD&A, as well as the inability to obtain regulatory approvals in a timely manner; the potential for unknown or unexpected events to cause contractual conditions to not be satisfied; unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward- looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors set forth in the "Risk Factors" section and elsewhere in the company's MD&A for the year ended December 31, 2018 and its Annual Information Form.
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08.10.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Ivanhoe Mines Ltd.
Canada ISIN: CA46579R1047 EQS News ID: 887027 End of News DGAP News Service