The Globe and Mail reports in its Thursday edition that Ivanhoe Mines is in advanced talks with Congo's state miner Gecamines and Mercuria to send zinc-rich concentrate from its Kipushi mine to the U.S. under Project Vault, Washington's new strategic stockpiling effort.
A Reuters dispatch to The Globe reports that the arrangement is part of a larger U.S.-Democratic Republic of Congo deal on minerals, as Washington intensifies its competition with China for Africa's resources.
Project Vault -- a $12-billion (U.S.) supply chain security program launched on Monday by the U.S. and backed by $1.67-billion (U.S.) in private capital and a $10-billion (U.S.) U.S. Export-Import Bank loan -- aims to secure long-term supplies of strategic metals globally.
Ivanhoe's Kipushi zinc mine is forecast to produce 240,000 to 290,000 metric tons of concentrate this year, including significant quantities of germanium and gallium.
A deal with Ivanhoe would see Mercuria assign its existing offtake for Kipushi concentrate to Gecamines's trading arm, while also marketing additional volumes expected from the mine's ramp-up in late 2025.
Gecamines could ultimately handle up to half of Kipushi's output, including shipments to the United States.
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