Ivanhoe Mines Ltd. Co-Chairs Robert Friedland and Yufeng "Miles" Sun announced ahead of the Goldman Sachs Copper Day, further details of the Phase 3 expansion at the Kamoa-Kakula Copper Mining Complex in the Democratic Republic of Congo. Phase 3 is expected to increase annualized copper production capacity to approximately 600,000 tonnes per year by the fourth quarter of 2024. Kamoa-Kakula's Phase 3 will consist of two new underground mines known as Kamoa 1 and Kamoa 2, as well as the initial decline development at Kakula West.

A new, 5 million-tonne-per-annum concentrator plant will be established adjacent to the two new mines at Kamoa. Upon commencement of Phase 3 production, Kamoa Copper will have a total processing capacity of greater than 14 million tonnes per annum. The existing Phase 1 and 2 concentrators will be de-bottlenecked and operating at a combined throughput of 9.2 million tonnes of ore per year by the second quarter of 2023, which is expected to increase annual copper production to more than 450,000 tonnes.

The associated power and surface infrastructure are being designed to support Phase 3, as well as future expansions. Phase 3 also includes a direct-to-blister flash smelter that will incorporate technology supplied by Metso Outotec of Espoo, Finland, with a nameplate capacity of 500,000 tonnes a year of approximately 99%-pure blister copper. Kamoa-Kakula's Phase 3 expansion will also be powered by clean, green hydroelectricity.

Kamoa Copper's Inga II partnership is expected to generate an additional 178 megawatts (MW) of renewable hydropower for the Democratic Republic of Congo, providing the Kamoa-Kakula Copper Mining Complex and associated smelter with sustainable electricity for Phase 3 and future expansions, while also benefitting local communities. Negotiations for an amendment to Kamoa-Kakula's offtake arrangements for Phase 2 production are nearly complete, with copper product currently being shipped under existing, Phase 1 agreements. Kamoa Copper's Phase 1 and Phase 2 concentrator plants have reached commercial production.

Kamoa-Kakula is expected to increase production to approximately 600,000 tonnes copper by Fourth Quarter 2024.