Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
Africa-focused Ivanhoe Mines (TSX: IVN) announced on Wednesday that it will be added to the MSCI Canada Index, effective May 27.
The MSCI Canada Index is designed to measure the performance of the large and mid-cap segments of the nation’s market.
Currently with 89 constituents, including major lenders such as the Royal Bank of Canada, Dominion and Scotiabank, the index covers about 85% of the free float-adjusted market capitalization in Canada.
The inclusion of the company in the list coincides with Ivanhoe’s expected start of production at its Kamoa-Kakula copper project in the Democratic Republic of Congo (DRC).
The mine, slated to begin operations by the end of May or early June, is initially forecast to generate 3.8 million tonnes of ore a year at an average feed grade “well in excess of 6% copper” over the first five years of operation.
Kamoa-Kakula is a strategic partnership between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the DRC government (20%).
