DRC: Ivanhoe raises Makoko copper estimate to 12 million tons

Ivanhoe Mines announced on September 8 in Kolwezi a 30% increase in the estimated copper content in the Makoko district, part of the Western Forelands project in the Lualaba province of the Democratic Republic of the Congo (DRC). Following approximately 64,000 meters of additional drilling since May 2025, the Canadian company now estimates Makoko to contain nearly 12 million tons of copper.

The updated estimate attributes 34 million tons of indicated resources to the Makoko district, with an average grade of 2.66% copper, as well as 612 million tons of inferred resources at 1.80%, with a cut-off grade of 1%. These two categories do not share the same level of geological confidence, and the majority of the contained copper remains classified as inferred.

Ivanhoe plans to ramp up work starting in the fourth quarter of 2026 with an additional 120,000 meters of infill drilling to be completed by the end of 2027. The stated goal is to convert between 30% and 40% of the copper currently classified as inferred resources into the indicated category, particularly targeting the shallower areas.

The company notes that approximately 60,000 meters of drilling conducted in 2026 have not been included in the estimate published this week, as the calculation is based on results available as of March 31. A new resource update is therefore expected in 2027.

A scoping study planned for the first quarter of 2027

Ivanhoe Mines intends to launch a scoping study in the first quarter of 2027 to explore initial development options for Makoko. The company is considering a combination of shallow open-pit and underground mining, with preparatory work already underway on-site, including access roads, fencing, and baseline environmental studies.

The Makoko district is part of the extensive Western Forelands exploration portfolio, which covers 2,426 square kilometers near the Kamoa-Kakula copper complex. Ivanhoe claims to have identified, along with Kamoa-Kakula, Makoko, and Kiala, more than 55 million tons of contained copper in this area of the Central African Copperbelt.

However, the increase in the estimate does not yet constitute proven mineral reserves. Inferred resources require further drilling and studies before they can be converted into higher confidence categories, and Makoko currently lacks both a final investment decision and a production timeline.