Ivanhoe plans partial restart for flooded Congo copper mine in late June
JOHANNESBURG (Reuters) - Ivanhoe Mines said on Monday it plans to restart a section of its Kakula copper mine in the Democratic Republic of Congo later this month that was closed due to underground seismic activities.
The Canadian miner temporarily stopped operations at the Kakula mine, part of its giant Kamoa-Kakula copper mining complex, after tremors that also damaged infrastructure and caused flooding underground.
Ivanhoe plans to resume operations on the western side of the Kakula mine, which is dry and where pumping equipment is working, the company said. The eastern section of the mine will resume operations once the pumping of the water is completed, Ivanhoe said.
Ivanhoe shares rose as much as 7.7% in Toronto.
The company said it has now been able to stabilize water levels after installing temporary pumping equipment underground. Additional pumping equipment has been ordered to fully remove water from the mine, Ivanhoe said.
The Vancouver-based miner initially suspended some mining activities on May 20 after the Kakula mine was hit by frequent underground tremors. Ivanhoe said mining at the adjacent Kamoa mine and processing of ore is not affected.
The Congo mines produced about 437,000 metric tons of the metal last year. Ivanhoe last week suspended its output forecast for this year, which had initially been set at between 520,000 and 580,000 metric tons of copper.
Effettua l'accesso per consultare il tuo portafoglio
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
EDITORIAL: Jobless numbers spell trouble
The need to grow the Canadian economy in the face of tough economic times was underscored by the release of the latest unemployment numbers by Statistics Canada on Friday. The unemployment rate in May rose to 7.0%. That's the highest it has been since September 2016, excluding the 2020 and 2021 pandemic years, and a 12.9% increase from 6.2% a year ago in May. The Canadian economy generated a net increase of just 8,800 jobs in May, far short of the roughly 30,000 per month needed to keep pace with population growth. A total of 1.6 million Canadians were unemployed in May, an increase of 191,000, or 13.8%, compared to May 2024. A smaller share of people who were unemployed in April found jobs in May (22.6%), compared to a year ago (24.0%), and spent an average of 21.8 weeks searching for work, compared to 18.4 weeks in May 2024. Unemployment in Ontario (7.9%); Alberta (7.4%); Newfoundland and Labrador (9.7%); Prince Edward Island (8.2%); and Nunavut (9.0%) were all above the national average, as was the case in a number of cities, including Windsor (10.8%); Oshawa (9.1%); Toronto (8.8%); Calgary (7.8%); and Edmonton (7.3%). Canada recorded its largest merchandise trade deficit of $7.1 billion in April, the first full month of the tariff war with U.S. President Donald Trump, compared to $2.3 billion in March. The Organization for Economic Co-operation and Development last week projected meagre 1% economic growth for Canada this year and 1.1% in 2026, noting Trump's global tariff war is expected to hit the economies of Canada, Mexico, China and the U.S. hardest. Prime Minister Mark Carney proposed measures to bolster the economy on Friday, including eliminating federal barriers to interprovincial trade, increasing labour mobility and shortening the process for approving major infrastructure projects. Those are worthy long-term goals, since internal impediments to trade cost our economy $200 billion annually, raise consumer prices up to 14.5% and reduce economic growth as measured by gross domestic product up to 8% annually. But they are also long-term solutions, underscoring the importance of Carney's government producing a budget as soon as possible to reveal the Liberals' specific plans to boost the economy. For better or worse, Carney decided to delay releasing the budget until fall.
Yahoo
4 hours ago
- Yahoo
Why Fortuna Mining Corp. (FSM) Crashed On Friday
We recently published a list of . In this article, we are going to take a look at where Fortuna Mining Corp. (NYSE:FSM) stands against other Friday's worst-performing stocks. Fortuna Mining dropped its share prices by 3.65 percent on Friday to finish at $7.13 apiece as investors resorted to profit-taking following the previous day's gains. Fortuna Mining Corp. (NYSE:FSM), a leading gold and silver mining company, earned a boost from higher gold and silver prices on Thursday, with the latter hitting a new all-time high. Aerial view of miners extracting precious metal deposits in a quarry. Friday, however, saw spot prices of gold drop by 1.26 percent, while silver maintained its strength with another 0.92 percent gain. In the first quarter of the year, Fortuna Mining Corp. (NYSE:FSM) grew its net income from continuing operations by 130 percent to $67.97 million from $29.5 million in the same period last year. Sales rose by 45 percent to $290 million from $200.9 million year-on-year. Fortuna Mining Corp. (NYSE:FSM) is expected to hold an annual shareholders' meeting at 10 AM PDT on June 26 in Vancouver, Canada. Overall, FSM ranks 10th on our list of Friday's worst-performing stocks. While we acknowledge the potential of FSM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
4 hours ago
- Yahoo
Home building seems to be booming in Tri-Cities. But is it just a mirage?
Tri-City schools recess for the summer next week, kicking off the busy season for home buying. For those with house hunting on their to-do list, there is good news and trouble is brewing as builders cut back amid concerns about the Tri-Cities and U.S. economy. The good news: There were 944 homes listed for sale in May, the largest selection since November 2014, when there were about 1,000, according to Tri-City Association of Realtors archives. he average home price remains high, averaging $472,000, about $3,000 more than a year ago. But the double-digit price increases of the pandemic years have eased. The number of sales is holding steady, 321 in May compared to 330 a year ago and 284 the year before that. 'I think we're going to be petty stable for a little while,' said Andrew Magallanez, chief association executive for the local Realtors association. The note of caution, however, is Tri-Citians readily see excavators turning vacant land into future subdivisions around the community. But looks are deceiving. Home builders are starting fewer homes, said Jeff Losey, president of the Home Builders Association of Tri-Cities. 'When you drive around and you look, it's blowing up,' he said. However, fears about interest rates, tariff-fueled increases in lumber prices and concerns about federal funding for the Hanford cleanup are prompting home builders not to expose themselves to a potential downturn. Losey reports local home builders pulled 22% fewer permits for single-family homes in April compared to a year ago. It's not just local. Nationally, new home construction fell 12%, according to the National Association of Home Builders, which echoed concerns about new tariffs on building materials such as Canadian lumber. The national association anticipates tariffs will increase the average cost to build a home by more than $9,200, depending on which tariffs and retaliatory tariffs are enacted. Losey said the downturn is spread across the Tri-Cities, with permit numbers tumbling in Kennewick, Pasco, West Richland, Benton and Franklin counties. Richland was the exception, its numbers buoyed by home building at Badger Mountain South. Builders received permits for 109 homes in the first months of the year compared to 78 over the same period in 2024. 'That's a pretty big jump,' Losey said. Development is slowing, but not stopped. Even now, veteran builders are committing to long-planned projects. The Urban Trails along Bob Olson Parkway, near Desert Hills Middle School in Kennewick, is the most recent to break ground. Excavators began carving the 152-acre site into a future neighborhood this spring after securing grading permits from the city. At full development, Urban Trails will add about 1,200 new residences, split between homes, townhomes and up to 750 apartments. It is the brainchild of Mitchell Creer LLC, led buy Britt Creer, president of the Urban Range Group/Ranchland Homes, a busy Tri-Cities land developer and home builder. It has been in the works since at least 2023, when it was conceived as a 1,900-door project. Creer said door-count was curbed, but it still will include a mix of residence types catering to people at every phase of their lives — apartments for young adults, detached homes for growing families, townhomes for downsizing retirees. 'The idea is you never have to leave,' he said. Magallanez, of the Realtors association, said Urban Trails is a welcome twist on the standard subdivision packed with single-family homes. 'As we grow, we either grow up or we'll start to see more mixed use,' he said. 'We need housing at different generational levels.' Rotschy Inc. is the contractor for the grading work at Urban Trails, which involves moving about 700,000 cubic yards of material to create the future neighborhood. Creer said the infrastructure design will be finalized when the grading is done. He intends to apply for permits for the civil infrastructure — roads, utilities, stormwater systems and so forth — later this month. The first 40 lots will be available later this year and apartment designs will be finalized in 2026. Jared Retter of Retter & Co. | Sotheby's International Realty confirmed it expects to represent The Urban Trails to buyers after working with Creer and his partners on other projects, including two West Richland developments — Eagle Pointe Townhomes on Belmont and Western Ridge, a single-family neighborhood that's nearby. There are nearly 11,000 future residential lots in various phases of planning, according to projects tracked by the Tri-City Herald. There's no guarantee any individual proposal will become reality. But collectively, the dozens of planned subdivisions and development sites offer a potent view of future construction in Benton and Franklin counties. The former Lewis and Clark Ranch in West Richland is easily the most ambitious undertaking. The 7,000-acre Frank Tiegs LLC property is already inside the city. The first 800-acre phase would add 3,000 to 4,000 new homes and apartments, according to city planners, who have been working on the proposed development for years.
