Ivanhoe restarts part of Congo copper mine; cuts output guidance
By Rishabh Jaiswal and Divya Rajagopal
(Reuters) -Ivanhoe Mines said on Wednesday it had resumed underground mining in part of its Kakula copper mine in the Democratic Republic of Congo that had been closed due to seismic activity, but lowered output guidance for the year.
Mining on the mine's western side resumed on June 7, while Ivanhoe will start pumping water out of the eastern side in August, aiming to finish by the year's fourth quarter. It will also look to open a new section for mining in the eastern part.
The Kakula mine is part of the giant Kamoa-Kakula copper mining complex.
The Canadian miner said it now expects 370,000 tons and 420,000 tons of copper output from the Kamoa-Kakula mining complex. It had withdrawn earlier guidance of 520,000 and 580,000 tonnes following seismic activity and floods in May.
The company also withdrew its 2026 target of about 600,000 tonnes of copper production.
"This is a significant setback for the plans at Kamoa-Kakula and leaves uncertainty about 2026 and beyond production and whether mining can resume in the previously developed area of Kakula East," analysts at RBC said in a note.
The disruption is the latest in a series of supply-side setbacks that has tightened global copper supply, helping to drive margins for smelters into deeply negative territory.
Co-owner Zijin Mining has not issued any statements on the mine's status since May, when it said the tremors had damaged mine roofs and could affect output.
Ivanhoe subsequently disputed Zijin's statement, although it later withdrew guidance.
Zijin did not immediately respond to an emailed request for comment about Ivanhoe's latest statement.
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