Ivanhoe Mines Plans to Quadruple Exploration Budget in 2024

Ivanhoe Mines, the Canadian mining company founded by billionaire entrepreneur Robert Friedland, has announced plans to significantly increase its exploration budget for the new year. The company aims to quadruple its budget, allocating approximately $90 million for 2024. The primary focus of this increased spending will be on the Western Foreland exploration project, encompassing a vast area of approximately 1,205 square miles adjacent to Ivanhoe's Kamoa-Kakula copper complex in Congo.

Recently, Ivanhoe Mines made headlines with a geologically significant copper discovery and the release of maiden mineral resource estimates for two other copper finds in the Western Forelands. Building on this success, the company plans to allocate a substantial portion of its increased budget towards activities centered around the new Kitoko discovery. Additionally, Ivanhoe Mines intends to test new targets while fast-tracking the development of the Western Foreland project through potential strategic investments from major international corporations and sovereign wealth funds.

Exploration activities on Ivanhoe's expansive Western Foreland land position initiated back in July 2017. Executive Co-Chairman Robert Friedland expressed his commitment to further expanding the Kitoko copper discovery by deploying additional drill rigs. Furthermore, the company aims to enhance its understanding of the Makoko and Kiala deposits within the Western Forelands. As Ivanhoe Mines holds majority-owned licenses, there are also ongoing efforts to optimize studies for near-term copper mine production. Moreover, the company will continue to evaluate and prioritize high-potential targets across the Forelands region.