Ivanhoe Mines reported a 30% increase in mineral resource estimates at its Makoko District in the Democratic Republic of Congo. The site now contains approximately 12 million tonnes of copper, marking the largest and highest-grade new discovery in the last decade.
The company disclosed 42 million tonnes of indicated resources at a 2.66% grade and 612 million tonnes of inferred resources at 1.80% grade. Additionally, 60,000 metres of drilling results are pending incorporation into future estimates.
Founder Robert Friedland stated that US technology companies are discussing offtake agreements and financing solutions with the firm. These deals involve advance purchase contracts to secure copper supply for AI infrastructure expansion.
Copper prices recently exceeded $14,500 per tonne, reaching record highs due to supply constraints and potential US tariffs. Ivanhoe plans to release a formal scoping study for the Makoko project in Q1 2027.
