Workers at Makoko in the DRC. Credit: Ivanhoe Mines

Ivanhoe Mines has entered into a new memorandum of understanding (MoU) with the Qatar

Investment Authority (QIA), strengthening ties between the Canadian mining company and Qatar’s sovereign wealth fund as both parties look to expand their role in Africa’s critical minerals sector.
The agreement, signed on Friday, outlines a framework for collaboration to identify, develop, and sustainably supply minerals essential to the global energy transition. The signing coincided with the visit of Qatar’s Amir, Sheikh Tamim bin Hamad Al-Thani, to the Democratic Republic of the Congo (DRC), where he met with President Félix Tshisekedi to discuss bilateral relations and investment opportunities.

Ivanhoe Mines already operates some of the DRC’s most significant mining assets, including the Kamoa-Kakula copper complex—one of the largest copper deposits in the world—and the Kipushi zinc-copper-germanium-silver mine. The new MoU builds on QIA’s earlier $500 million strategic investment in Ivanhoe announced in September, and signals a long-term alliance aimed at advancing exploration projects such as the Western Forelands, which includes the Makoko copper district.

Robert Friedland, Ivanhoe’s executive co-chair, described the partnership as a “world-class alliance” that will unlock new frontiers in mineral exploration and ensure discoveries are mined sustainably. QIA’s chief executive, Mohammed Saif Al-Sowaidi, emphasized that the agreement reflects Qatar’s commitment to building strategic partnerships with leading suppliers of critical minerals, supporting global efforts to develop new energy infrastructure and advanced technologies.

The market responded positively to the announcement, with Ivanhoe’s shares rising as much as 5.4 percent to C$12.64, giving the company a market capitalization of C$18 billion (US$12.8 billion).
This latest move positions Ivanhoe and Qatar at the forefront of Africa’s critical minerals supply chain, reinforcing the DRC’s role as a global hub for copper and other transition metals vital to the clean energy economy.