Terms Agreed On To Return Ultra-High-Grade Kipushi Mine To Production

KIPUSHI, DRC - Ivanhoe Mines reported the signing of an off-take and financing term sheet to return the historic Kipushi zinc-copper-lead-germanium mine to production. In addition, Ivanhoe is pleased to provide an update on construction activities for the restart of the ultra-high-grade zinc mine, which is on track for first concentrate in the third quarter of 2024.

President, Marna Cloete, said, "The off-take and financing milestones are critical deliverables that allow us to return Kipushi to production by the third quarter of next year. Most importantly, these agreements reflect the strength of our partnership with Gécamines and our commitment to the people of the Kipushi community and the Democratic Republic of Congo. The Kipushi underground mine will be the world's highest-grade major zinc operation, with an average grade of approximately 36% zinc over the first five years of production. We will also endeavor, with our partner Gécamines, to continue exploring Kipushi, including copper-rich and silver-rich zones. Kipushi soon will join Kamoa-Kakula as another tier-one production asset in our portfolio, and mark the next step as we execute our plan to emerge as the world's newest diversified major mining company."

Gécamines' Chairman, Guy-Robert Lukama Nkunzi, said, “We are excited to see this historic mine returning to production with our joint-venture partner, Ivanhoe Mines. This is an important moment for Gécamines, as well as for the local community and the people of the Democratic Republic of Congo. A significant amount of work has got us to this point, which marks another major milestone in this innovative partnership that we have formed and comes with the potential to unlock significant value for the country. Gécamines is expected to attract more investment in the future to bolster in-country transformation and value creation. The Kipushi project, by its unprecedented nature, can form a catalyst for Gécamines to become an important actor in the project's value chain and for the development of transport infrastructure."