Ivanhoe Mines (TSX: IVN), founded by billionaire Robert Friedland, plans to begin exploring Angola early next year for copper after securing rights over an area the size of Switzerland.
The Canadian miner has budgeted US$10 million for an initial five years of copper exploration in the southwest African country’s Moxico and Cuando Cubango provinces, the company said on Monday. The government granted it 22,195 sq. km of prospecting rights.
Ivanhoe calls the area a highly prospective greenfield copper exploration ground as it considers geology similar to its Kamoa-Kakula complex in neighbouring Democratic Republic of Congo (DRC). Angola, more known for oil and diamonds than minerals, has been trying to diversify its economy for years, but few metals projects exist. Anglo American (LON: AAL), its gem unit De Beers and Rio Tinto (ASX: RIO) also have exploration activities in Angola.
Source: The Northern Miner
Read more: https://www.northernminer.com/news/ivanhoe-to-start-copper-exploration-in-angola/1003861277/
