Ivanhoe Mines is moving closer to establishing whether the Western Forelands can support another large copper complex beside Kamoa-Kakula after increasing the contained copper estimate for the Makoko district by 30%.
The updated estimate follows approximately 64,000 metres of additional diamond drilling across 106 holes. Makoko, Makoko West and Kitoko now contain indicated resources of 34 million tonnes grading 2.66% copper and inferred resources of 612 million tonnes grading 1.80%.
When the separate Kiala deposit is included, Western Forelands contains indicated resources of 42 million tonnes at 2.66% copper and inferred resources of 612 million tonnes at 1.80%. Together, these categories contain approximately 12.1 million tonnes of copper on a 100% project basis.
The categories cannot be treated equally. Approximately 11 million tonnes of the contained copper remains within the lower-confidence inferred category, which cannot be assumed to convert fully into indicated resources or mineable reserves.
Mineral resources also do not establish economic viability. Makoko does not yet have declared reserves, a completed development study, a construction decision or a production schedule.
Drilling shifts towards mine definition
Ivanhoe plans another 120,000 metres of infill drilling from the fourth quarter of 2026 through the end of 2027. The programme will concentrate on shallower mineralisation and seek to convert between 30% and 40% of the copper presently classified as inferred into the indicated category.
A further 60,000 metres of 2026 drilling was not included in the current estimate because the resource calculation used results available up to 31 March. Those results are expected to support another update in 2027.
The Makoko district has expanded rapidly since its first resource estimate in 2023. Its identified strike length has increased by more than 400% to 16 kilometres, while its combined mineralised area has grown to approximately 61 square kilometres. Mineralisation remains open towards the northeast and at depth.
Ivanhoe describes Western Forelands as the world’s largest and highest-grade copper discovery of the past decade, based on its comparison with company filings and S&P Global Market Intelligence data. However, Ivanhoe notes that S&P did not independently review the Western Forelands resource figures used in that comparison. The ranking should therefore be attributed to the company rather than presented as an independent certification.
Kamoa-Kakula provides a development template
A scoping study scheduled to begin in the first quarter of 2027 will assess potential mining, processing, infrastructure and cost scenarios.
Ivanhoe is considering several shallow open pits combined with underground operations for deeper mineralisation. Access to near-surface ore could reduce the capital and development period required before initial production, although this remains a conceptual scenario.
Makoko may also benefit from its proximity to Kamoa-Kakula. Ivanhoe says potential synergies include existing roads, power infrastructure, operational experience and the possibility of selling concentrate to the Kakula smelter or using toll-treatment arrangements.
That proximity distinguishes Makoko from an isolated greenfield discovery. Kamoa-Kakula progressed from the Kakula discovery in 2015 to initial concentrate production in 2021, providing Ivanhoe with a recent development model in the same geological district.
Ivanhoe indirectly holds 80% of the Makoko mining licences. Under the 2018 DRC Mining Code, the remaining interest upon conversion to mining rights is shared between the Congolese state and Congolese nationals.
The resource expansion gives Makoko the scale to justify development studies. The 2027 scoping work will begin establishing what the drilling announcement cannot: the recoverable tonnes, capital requirements, processing route and economics of turning Western Forelands into a producing mine.
