Latest news with #KamoaKakula
Reuters
a day ago
- Business
- Reuters
Ivanhoe plans partial restart for flooded Congo copper mine in late June
JOHANNESBURG, June 2 (Reuters) - Ivanhoe Mines ( opens new tab 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.
Zawya
4 days ago
- Business
- Zawya
LME copper on track for biggest monthly rise since September on nearby supply tightness
Copper prices in London were little changed on Friday, but on course for their biggest monthly rise in eight months due to tighter nearby supply, highlighted by the premium for nearby copper contracts against those further out. Benchmark three-month copper on the London Metal Exchange (LME) was steady at $9,570 a metric ton by 1006 GMT. The contract is up 4.8% so far in May, on track for its strongest month since September. The price advance is supported by declining stocks in LME-registered warehouses , down 45% since mid-February to 149,875 tons, the lowest in almost a year. Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 7.2% this week. As Washington continues an investigation into whether to impose new U.S. copper import tariffs, the premium of COMEX copper against the LME benchmark remains elevated, attracting more metal into COMEX-owned warehouses. "The LME copper is facing a bit of a squeeze because the COMEX stocks keep going up and the LME stocks are declining," said Dan Smith, managing director at Commodity Market Analytics. The spread between the cash LME and the three-month copper contract closed on Thursday at a premium of $51.6 a ton, highest since November 2022, indicating worries about nearby supply. The premium, a market structure known as backwardation, also reflects uncertainty about the supply from Kamoa-Kakula copper mine in the Democratic Republic of Congo, the biggest copper producer in Africa and one of the world's largest, Smith added. As a group, industrial metals were under pressure as the dollar strengthened and market optimism faded following a court ruling that reinstated the broad tariffs imposed by U.S. President Donald Trump. China's futures markets have closed until June 3 for the Dragon Boat holiday, reducing the overall trade volumes. As to the demand side, the focus is on the official purchasing managers' index (PMI) in top metals consumer China, due on Saturday. China's factory activity likely contracted for a second month in May, a Reuters poll showed. LME aluminium fell 0.3% to $2,443.50 a ton, zinc slipped 0.4% to $2,663.50, lead lost 0.2% to $1,958, tin dropped 1.8% to $30,655, while nickel rose 0.2% to $15,395.
Bloomberg
5 days ago
- Business
- Bloomberg
Flooded Mine in Congo Is Latest Threat to Global Copper Supply
By , Thomas Biesheuvel, and Jack Farchy Save The status of one of the world's most important copper mines remains clouded in uncertainty, more than a week after seismic activity caused widespread flooding deep below ground. Ivanhoe Mines Ltd. 's Kamoa-Kakula complex in the Democratic Republic of Congo is one of the world's top sources of copper and was on course to become the third-biggest supplier of the key energy-transition metal this year. Yet its current condition is a mystery, with contrasting messages from its biggest shareholders.
Yahoo
26-05-2025
- Business
- Yahoo
Ivanhoe Mines Responds to Inaccuracies Made in a Press Release by Zijin Mining About Kamoa-Kakula's Operations
Ivanhoe Mines to provide a detailed update on Kamoa-Kakula operations by Tuesday, May 27, 2025 Kolwezi, Democratic Republic of the Congo--(Newsfile Corp. - May 23, 2025) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) today provides clarification to inaccuracies made in a press release by Zijin Mining released earlier today. The press release was made in relation to the temporary suspension of operations at the Kakula underground mine, as announced by Ivanhoe Mines on Tuesday, May 20, 2025, at the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo. The press release by Zijin Mining refers to "…multiple roof-falling and rib-spalling in the eastern section of the [Kakula] mine." Ivanhoe Mines does not agree with this statement. Ivanhoe Mines and Kamoa Copper senior management, supported by geotechnical specialists, continue to conduct a thorough inspection of the Kakula underground mine, which commenced on May 20, 2025. The inspection is ongoing and has been advancing further into the eastern section of the mine. Results so far show that there is no evidence of collapsing stopes or structural pillars. Preliminary indications suggest that seismic activity, which was experienced during the last week and has subsequently subsided, resulted in a redistribution of forces underground and caused "scaling", or rock falls, from the sidewalls of certain mining areas. The operational teams are currently focused on safely repairing damage caused to the cables and pipework that support the underground pumping infrastructure. Once this activity is complete, focus will shift to returning to normal mining operations starting with the western side of the Kakula Mine. Once the underground investigation is completed, Ivanhoe Mines will determine whether the temporary suspension of underground operations will impact annual production guidance of the Kamoa-Kakula Mining Complex. Ivanhoe Mines will provide a more detailed update by Tuesday May 27, 2025. About Ivanhoe Mines Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula Copper Complex in the DRC, the ramp-up of the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the phased development of the tier-one Platreef platinum-palladium-nickel-rhodium-gold-copper Mine in South Africa. Ivanhoe Mines is exploring for copper in its highly prospective, 54-100% owned exploration licences in the Western Forelands, covering an area over six times larger than the adjacent Kamoa-Kakula Copper Complex, including the high-grade discoveries in the Makoko District. Ivanhoe is also exploring for new sedimentary copper discoveries in new horizons including Angola, Kazakhstan and Zambia. Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines (@IvanhoeMines_) on X. Information contact Investors Vancouver: Matthew Keevil +1.604.558.1034 London: Tommy Horton +44 7866 913 207 Media Tanya Todd +1.604.331.9834 Forward-looking statements Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the company, its projects, or industry results to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified using words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Such statements include, without limitation: i) statements regarding Ivanhoe Mines to provide a detailed update on Kamoa-Kakula operations by Tuesday, May 27, 2025; ii) statements regarding the operational teams are currently focused on safely repairing damage caused to cables and pipework that support the underground pumping infrastructure. Further, that once this activity is completed, focus will shift to returning to normal mining operations starting with the western side of the Kakula Mine; and, iii) statements regarding once the investigation is completed, Ivanhoe Mines will determine whether the temporary suspension of underground operations will impact annual production guidance. Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether such results will be achieved. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed above and under the "Risk Factors" section in the company's MD&A for the three months ended March 31, 2025, and its current annual information form, and elsewhere in this news release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the "Risk Factors" section in the company's MD&A for the three months ended March 31, 2025, and its current annual information form. 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Bloomberg
26-05-2025
- Business
- Bloomberg
Ivanhoe Slumps After Withdrawing Congo Copper Mine Guidance
By Updated on Save Ivanhoe Mines Ltd. shares slumped after it withdrew cost and production guidance for Africa's largest copper mine, where further seismic activity has halted some underground operations. The Canadian miner is reviewing its target copper output of 520,000 tons to 580,000 tons from the Kamoa-Kakula complex in the Democratic Republic of Congo, Ivanhoe said in a statement on Monday. The ramp-up schedule for a new smelter has also been withdrawn.
