Ivanhoe procures mining exploration rights in Angola
Ivanhoe Mines has acquired 22,195 km2 of greenfield prospecting rights in Angola. This vast area, half the size of Switzerland, is located in the Moxico and Cuando Cubango Provinces.
The prospecting rights were formalized through a mining investment contract with Angola’s National Agency for Mineral Resources at the 2023 Angolan Mining Conference in Luanda. Ivanhoe Mines plans to explore the underexplored regions of Angola, with a belief that these areas could host an extension of the Central African Copperbelt. This signifies a strategic move to tap into the mineral wealth of the region.
A memorandum of understanding (MOU) was signed between the Geological Institute of Angola and the United States Geological Survey (USGS) at the conference. This collaboration aims to map Angola’s critical minerals, such as copper, lithium, cobalt, and manganese, showcasing growing international interest in Angola’s mineral potential.
Exploration budget
Given the challenges posed by the landscape covered by Kalahari sand and Karoo volcanics, Ivanhoe Mines plans to apply a strategic approach to exploration. Drawing from its experience in the Democratic Republic of Congo, the company will conduct geophysical and geochemical surveys, as well as aircore and stratigraphic diamond drilling.
Ivanhoe Mines has allocated an initial exploration budget of $10 million for the Angola region. The prospecting rights are granted for an initial five-year period, with the possibility of a seven-year extension, reflecting a commitment to thorough exploration.
Ivanhoe Mines already has an extensive portfolio in Southern Africa, including the Kamoa-Kakula Copper Complex in the DRC, the Platreef project in South Africa, and the historic Kipushi mine in the DRC. This new venture further solidifies the company’s position as a leader in the African mining industry.
The exploration project in Angola is poised to have a transformative impact on the country’s mining industry. By focusing on critical minerals crucial for the global economy, the venture not only aims to uncover new mineral deposits but also to catalyze the development of Angola’s mining sector.
