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1) Ivanhoe Mines unveiled a significant high-grade copper discovery, Kitoko, in the Democratic Republic of Congo (DRC), reminiscent of the massive orebody at the Kamoa-Kakula copper complex. Situated in the Western Foreland, close to the Kamoa-Kakula mine, Kitoko yielded promising drill results showcasing high copper grades within its mineralized zones. Robert Friedland, Ivanhoe's founder, highlihghed Kitoko's resemblence to the Kamoa-Kakula's tier one copper mineralization, expressing confidence in their exploration model's effectiveness. The discovery validates over 20 years of Ivanhoe's geological research in this previously unexplored region. Kitoko's mineralization is within its lower Grand Conglomerate diamictite, showcasing fine-grained copper mineralization. The mineralized zone, extending over 1.9 km with a depth of 1,000 to 1,140 meters, remains open in all directions, prompting ongoing drilling to further define its extent and subsequent infill resource drilling. Ivanhoe's exploration efforts, initiated in 2017, involved meticulous geological research, geophysical surveys, and extensive diamond drilling, leading to this significant discovery. With over 166,000 meters of diamond drilling targeted by year end, the company plans to continue exploration in 2024 and beyond to confirm and expand Kitoko's mineralization while testing other potential targets.
2) Peru's Economy Minister, Alex Contreras, emphasized the crucial role of the mining sector in preventing a deeper recession in the country. Facing economic challenges stemming from weather phenomena, decreased private investment, and prior civil unrest, Peru has prioritized stimulating its economy through a series of measures. These include attracting mining investments, boosting production, and creating an industry hub in the southern region, leveraging existing projects like Las Bambas, Antapaccay, and Cerro Verde. Public-private partnerships are a significant focus for Peru, with plans to secure nearly $8 billion in such collaborations next year and a goal to triple this amount by 2024. Contreras also highlighted a forthcoming port project near Lima, aiming to position Peru as South America's trade center. However, despite the mega port's scheduled opening, there's a pressing need to ensure supporting infrastructure readiness. Acon industrial park, developed by the state near the port, is slated to serve as a testing ground for proposed special economic zones. These zones, to be managed by private entities on public or private land, are expected to generate increased tax revenues and drive export-focused investments.