By Robb M. Stewart
Ivanhoe Mines, the Canadian mining company founded by billionaire entrepreneur Robert Friedland, is in talks with potential strategic investors as it looks to quadruple its exploration budget in the new year.
The company said Thursday its budget for 2024 will be about $90 million as it focuses largely on the roughly 1,205 square-mile Western Foreland exploration project located adjacent to Ivanhoe’s Kamoa-Kakula copper complex in Congo.
The increase in spending plans comes after Ivanhoe late last month announced what it said was a geologically significant, high-grade copper discovery, and released maiden mineral resource estimates for two other copper in the Western Forelands. The company aims to target the increased budget on activities around the new Kitoko discovery, as well as testing additional new targets.
Ivanhoe said it is in discussions with multiple potential strategic investors, including major international corporations and sovereign wealth funds, for fast-tracking the development of the Western Foreland and other matters.
Ivanhoe began exploration activities on its extensive Western Foreland land position in July 2017.
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