Ivanhoe Mines has substantially expanded the resource estimate for its Makoko copper district in the Democratic Republic of Congo, potentially cementing the region’s status as a cornerstone of future global copper supply amid escalating demand forecasts.
The Canadian miner reported Wednesday that contained copper at its Western Forelands exploration project has reached 9.37 million tonnes, representing an 89% increase from the 5 million tonnes reported in November 2023. The announcement signals further concentration of high-grade copper assets in the Central African Copperbelt, a region increasingly critical to global supply chains.
“The resource estimate for the Makoko district already represents the potential for a significantly large, long-life copper operation,” noted Farooq Hamed, mining analyst at Raymond James. Particularly significant is the property’s proximity to established infrastructure—the eastern edge of Makoko sits approximately 10 kilometers from Ivanhoe’s Kamoa-Kakula complex, potentially reducing capital intensity for future development. 
Using a 1% copper cut-off threshold, Ivanhoe detailed that Makoko’s indicated resource stands at 27.7 million tonnes grading 2.79% copper, accompanied by 493.7 million inferred tonnes at 1.7% copper. While average grades have declined slightly from previous estimates, the substantial volume increase reflects the district’s expanding footprint, which has grown by 2 kilometers to a 13-kilometer strike length since the previous assessment.
Scotia Capital mining analyst Orest Wowkodaw characterized the update as “positive for shares” despite the marginal grade reduction. Ivanhoe’s stock edged up 0.3% to C$14.69 in mid-afternoon trading Wednesday in Toronto, giving the company a market capitalization of approximately C$20 billion ($14.3 billion).
The DRC ranked second globally for copper production in 2023, behind only China. Ivanhoe’s Kamoa-Kakula operation—which expanded with a third concentrator last year—has established itself as the third-largest copper mining complex globally and the largest on the African continent, according to company statements.
The intensifying exploration activity at Western Forelands, where drilling has accelerated to what the company describes as a “record pace,” reflects the strategic race to secure copper resources amid projections of significant demand growth. BHP CEO Mike Henry predicted in March that urbanization, artificial intelligence advancement, and data center proliferation could drive a 70% increase in copper demand by mid-century, according to a company presentation.
Ivanhoe has completed more than 86,000 meters of diamond drilling in Western Forelands since late 2023, primarily targeting the Makoko, Makoko West, and Kitoko discoveries. The updated resource estimate incorporates results from 147,000 meters drilled across 311 holes, with approximately two-thirds of holes drilled through February 2025 intersecting copper mineralization.
Robert Friedland, Ivanhoe’s executive co-chairman, positioned the findings within the broader context of a tightening copper market: “The scarcity of high-quality, undeveloped copper resources is becoming increasingly evident, and the ongoing supply shortage in the copper concentrate market will do nothing but grow.”
According to metals research firm CRU Group, the copper market faces potential structural deficits beginning in 2025, with demand from energy transition applications expected to more than triple by 2035. Meanwhile, the International Energy Agency has warned that current project pipelines may be insufficient to meet accelerating demand from electrification.
The Western Forelands exploration project encompasses 2,393 square kilometers adjacent to Kamoa-Kakula. Ivanhoe characterizes Makoko as the fifth-largest new copper discovery of the past decade and the highest-grade among major finds. The company has allocated C$50 million for continued exploration throughout 2025, with mineralization reportedly remaining “open in multiple directions.”
