2 days ago
Ivanhoe Restarts Part of Congo Copper Mine Impacted by Flooding
(Bloomberg) -- Ivanhoe Mines Ltd. has restarted underground operations in part of its giant copper mine in the Democratic Republic of Congo while another section remains offline after seismic activity caused flooding deep below ground.
In an update late Wednesday, the Canadian company said equipment and mining crews returned on June 7 to the western side of the Kakula mine, with underground operations there resuming in a 'conservative manner.'
Ivanhoe investors and traders in metal markets are paying close attention to the status of the Kamoa-Kakula complex — one of the world's most important copper mines — three weeks after the disruptions were first announced. The incident is part of a series of supply-side disruptions that have raised concerns over tighter global supplies.
Mining in Kakula's eastern side is expected to start 'imminently,' although activities will focus on a new area east of existing workings. Water levels there have stabilized. Still, draining won't begin until next quarter.
For the remainder of 2025, underground crews will focus on ramping up the western side of Kakula, developing a new mining area on the eastern side and increasing production from the Kamoa area. It's still too early to outline plans for 2026 and 2027, the company said.
Shares in Ivanhoe dropped 5.9% in regular trading in Toronto Wednesday.
Zijin Mining Group Co. and Ivanhoe both hold 39.6% of Kamoa-Kakula, while Congo's government has a 20% stake. Zijin also owns more than 10% of Ivanhoe and CITIC Metal is the Canadian miner's biggest shareholder.
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