Mentioned:
The world needs more copper supply for the push towards net zero emissions. Which is exactly why Ivanhoe Mines is successfully scaling up their production to new levels.
What’s happening:
- Ivanhoe Mines (TSX: IVN) has announced new record breaking copper production from their Kamoa-Kakula copper complex
By the numbers:
- In the last month, Ivanhoe Mines’ flagship copper mine Kamoa-Kakula produced a new monthly record of 41,800 tonnes of copper
- Ivanhoe Mines also hit a new record for single day production of copper at Kamoa-Kakula, producing 1,720 tonnes of copper in one day
- Ivanhoe Mines is now expecting that Kamoa-Kakula will be able to produce 580,000 tonnes of copper annually
Why it matters:
- The Kamoa-Kakula project located in the Central Africa Copperbelt is the world’s fastest growing, highest grade and lowest carbon emitting copper mine in the world
Going deeper:
- Ivanhoe Mines founder Robert Friedland has also been making a major push towards securing more copper supply through his other company Ivanhoe Electric (NYSE: IE), previously taking full ownership over the Santa Cruz Copper Project in Arizona as well as launching a new joint venture with mining giant BHP (NYSE: BHP) focused on finding new American copper deposits
The intrigue:
- Copper demand is expected to surge to record shattering levels in the future in large part due to the rise of artificial intelligence cloud computing, which is causing an unprecedented level of new data centre construction globally that will all require huge amounts of copper supply to complete
