Latest news with #RobertFriedland
Mint
3 days ago
- Business
- Mint
Congo's Flooded Mine Is Latest Threat to World Copper Supply
(Bloomberg) -- 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. Some information has been disclosed: water levels have risen after pumping and electrical infrastructure in the Kakula underground mine was damaged. Ivanhoe's Chinese partners — Zijin Mining Group Co. and CITIC Metal — are helping to secure powerful pumps that can help remove that water. The impacted mine accounts for at least 70% of the complex's current production, according to a note from analyst at Citigroup Inc. The flooding could shut the Kakula underground operation until at least the fourth quarter, Citi said, while adding that output can be ramped up without significant cost once the water has been pumped out. Toronto-based Ivanhoe declined to comment, but said it plans to provide an update next week. Zijin didn't immediately respond to requests for comment. Ivanhoe has said that there is damage to cables and pipework needed to pump water out of the mine, and that it was working with experts to evaluate the cause and effect of the seismic activity. One person who visited the site earlier this week said that a lot of water had entered the mine and workers were not being allowed to enter. The incident at Kamoa-Kakula and its fallout underline the vulnerability of the world's vital copper supplies. The metal — used in everything from electric cars and power grids to water pipes — is essential to efforts to decarbonize the global economy, yet many investors and mining executives expect future production will struggle to meet demand. In the past 18 months, there have been several supply shocks. Fellow Canadian miner First Quantum Minerals Ltd. was forced to shutter its biggest copper mine in Panama after widespread protests, while Anglo American Plc is among the major producers to scale back output amid operational problems. The new uncertainty comes in a period of tight copper supplies. Despite President Donald Trump's trade war fueling concerns about global growth, the metal is being buoyed by resilient demand from No. 1 consumer China. Kamoa-Kakula has been one of mining's great success stories in recent years. Discovered by billionaire Robert Friedland, Ivanhoe's chairman, and developed swiftly since Zijin invested in the project a decade ago, it taps into one of the world's richest copper seams and has helped make Congo the second-biggest producer of the metal. Now it faces its biggest challenge. Ivanhoe reported on May 20 that two days earlier it had temporarily suspended operations at Kakula underground following seismic activity. Its Chinese co-owner, Zijin, went further, saying there had been a roof collapse and full-year production was likely to be impacted. Ivanhoe quickly disputed this account, saying there was no evidence of collapsing stopes or structural pillars. It said the potential impact on output would only be determined once a full investigation was completed. But, within days, Ivanhoe withdrew its 2025 output guidance of 520,000 tons to 580,000 tons for Kamoa-Kakula. With only sparse information to go on, analysts have estimated that 84,000 to 275,000 tons of copper output could be lost this year. That would potentially wipe out a sizable chunk of the 289,000 ton global surplus forecast for this year by the International Copper Study Group. 'There is high uncertainty on the timing of a restart and the level of remediation or mine redesign which may be needed,' Goldman Sachs Group Inc. said in a note on Thursday. For now, Kakula's concentrator facilities can process sizable surface stockpiles, which means there hasn't been any immediate interruption to supplies. In a statement on Monday, Ivanhoe said it was pumping 1,000 liters (264 gallons) of water every second from the shallower western section of the underground mine, but its team was trying to increase that to above 3,000 liters to stabilize levels. Ivanhoe didn't mention the eastern section of the mine, where structural damage was flagged by Zijin. Ivanhoe has said the complex's Kamoa underground and processing operations continue to run normally, and Kakula's surface infrastructure is unaffected. Zijin 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 is the Canadian miner's biggest shareholder. --With assistance from Alfred Cang, Winnie Zhu, James Attwood and Annie Lee. (Updates with company response in fifth paragraph.) More stories like this are available on
Yahoo
27-05-2025
- Business
- Yahoo
Underground Mining Activities at Kakula Mine Suspended; Remediation Work Continues in Western Section of Kakula
Phase 1 and 2 concentrators continue operating, supplied by stockpiles Operations at Kamoa Mine and Phase 3 concentrator continue normal operations Ivanhoe Mines and Zijin committed to restore Kakula Mine back into production as soon as safely possible Kolwezi, Democratic Republic of the Congo--(Newsfile Corp. - May 26, 2025) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chairman Robert Friedland and President and Chief Executive Officer Marna Cloete today provide an operational update on the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo, following the temporary suspension of operations at the Kakula underground mine, as first announced by the company on May 20, 2025. Senior management and a world-class team of geotechnical experts continue to conduct a thorough investigation of the mine to understand the cause and effect of the seismic activity. Seismic activity at the Kakula underground mine has continued to occur intermittently over the past few days. Given the recent seismic activity, underground activities were suspended again on Saturday, May 25, 2025, with employees safely brought above ground and mobile equipment removed from the mine workings. The safety of employees and contractors remains paramount, and zero lost time injuries have been reported. Preliminary indications are that seismic activity at the Kakula underground could potentially continue for weeks, which would inhibit access to the mine and prolong the temporary suspension of operations at Kakula. As a result of the impact on underground pumping and electrical infrastructure, to date, there has been an increase in water inflow levels into the Kakula underground mine. Kamoa Copper, with support from Ivanhoe and Zijin Mining, is currently preparing detailed dewatering plans, including the acquisition of additional pumping equipment to increase pumping capacity and allow for dewatering from surface. Ivanhoe would like to thank its Chinese partners Zijin and CITIC Metal for their assistance in procuring additional equipment for the dewatering efforts. Ivanhoe Mines' President and Chief Executive Officer, Marna Cloete commented: "I would like to extend my profound thanks to our dedicated workforce, who have shown exceptional resilience and commitment while working under challenging conditions during the recent seismic activity. The safety of our employees is our highest priority, and it is testament to the professionalism and focus of everyone at Kamoa Copper that we have recorded no injuries in a dynamic environment. "While underground mining operations are temporarily suspended at Kakula, we are focusing our efforts on maintaining pumping and water management infrastructure, including accelerating procurement for dewatering equipment from surface. We are working around the clock with the world's foremost geotechnical experts to establish the cause of the issues we faced and how we will resolve them. "We maintain significant optionality to maintain Kakula's concentrator operations from surface stockpiles, or potentially temporarily re-deploy Kakula employees and equipment to Kamoa Mine, which continues uninterrupted." Ivanhoe Mines' Founder and Executive Co-Chairman, Robert Friedland commented: "We are going to gain wisdom and experience from the events that have unfolded in the past week. Ivanhoe, together with our partner Zijin, is operating in complex, high-grade sedimentary copper systems on a scale not seen before globally. What has transpired will give us valuable insight into managing geotechnical conditions and maintaining critical pumping infrastructure, which will allow us to future-proof and safely restart mining operations at Kakula … and such learnings will be applied in earnest to our activities at Kamoa and in the Western Forelands. "I remind readers that SpaceX - today responsible for approximately 90% of total payload launched into space by humanity - did not attain this status without numerous setbacks. Each setback brought their team new knowledge, making the mission stronger... and so we approach our operations at Kamoa-Kakula with the same mindset. Together we plan to restore operations to be safer and stronger than ever." As underground areas are deemed safe for crews to return, the initial focus will be to inspect, repair, and restart pump stations and associated piping, as well as electrical substations and associated cabling. Remediation work continues in the shallower western sections of the Kakula Mine, where current dewatering rates are approximately 1,000 litres per second (L/s). Kamoa Copper's engineering team is focused on restoring underground pumping capacity to over 3,000 L/s, which is deemed sufficient to stabilize water levels. In parallel, the management team intends to install at all of our mines high-capacity pumping systems that can operate from surface as permanent infrastructure. Surface infrastructure at Kakula, including the Phase 1 and 2 concentrators and direct-to-blister smelter, remains completely unaffected. The Phase 1 and 2 concentrators are currently processing ore from surface stockpiles. Mining activities at the Kamoa underground mine and processing at the adjacent Phase 3 concentrator continue to operate normally. Kamoa-Kakula's 2025 production and cost guidance, along with the ramp-up schedule for the direct-to-blister smelter, have been withdrawn pending review. Ivanhoe will provide further updates as more information is available. Ivanhoe and Zijin continue to work collaboratively under a strong partnership at the joint-venture level and are committed to returning Kakula back to production as soon as safely possible. 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 that the Phase 1 and Phase 2 concentrators will continue to be supplied by stockpiles; (ii) statements that seismic activity at the Kakula underground if it continues for weeks, would inhibit access to the mine and prolong the temporary suspension of operations as Kakula; (iii) statements that once underground access is deemed safe, crews will focus on inspecting, repairing, and restarting pump stations and associated piping, as well as electrical substations and associated cabling; and, (iv) statements that Kamoa-Kakula's 2025 production and cost guidance, along with the ramp-up schedule for the direct-to-blister smelter, have been withdrawn pending review. In addition, that Ivanhoe will provide further updates as more information is available. 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; (1) uncertainty around the rate of water ingress into underground workings, (2) the ability, and speed of which, additional equipment can be secured, (3) the continuation of seismic activity, (4) the state of underground infrastructure, (5) uncertainty around when future underground access can be secured, (6) future mine stability cannot be guaranteed (7) future mining methods, may differ the impact on Kakula operations. 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; unexpected geotechnical changes to mine operations, 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. To view the source version of this press release, please visit
Yahoo
26-05-2025
- Business
- Yahoo
Ivanhoe Mines stock drops as ‘seismic activity' halts Congo copper project
Ivanhoe Mines ( shares fell steeply on Monday as the company pulled its 2025 production and financial guidance for a mine in the Democratic Republic of the Congo where 'seismic activity' has made it unsafe to work underground. Ivanhoe shares fell as much as 18.4 per cent on the Toronto Stock Exchange with the Monday trading session. Shares were down 17.04 per cent at $10.66 per share at 2:12 p.m. ET. In a news release on Monday, Vancouver-based Ivanhoe says seismic activity at its Kakula mine has continued 'over the past few days,' prompting a suspension of underground activities on May 25. Ivanhoe says geotechnical experts are working to determine the cause and effect of the activity. 'We are working around the clock with the world's foremost geotechnical experts to establish the cause of the issues we faced and how we will resolve them,' CEO Marna Cloete stated on Monday. While Ivanhoe says its nearby Kamoa Mine is continuing normal operations, the company withdrew its Kamoa-Kakula's production and cost guidance for 2025, along with the ramp-up schedule for its direct-to-blister smelter. "I remind readers that SpaceX - today responsible for approximately 90 per cent of total payload launched into space by humanity - did not attain this status without numerous setbacks,' Ivanhoe founder and executive co-chairman Robert Friedland stated in Monday's news release. 'We approach our operations at Kamoa-Kakula with the same mindset.' According to RBC Capital Markets, Ivanhoe anticipated full-year 2025 production of between 520,000 and 580,000 tonnes of copper from its Kamoa-Kakula complex at a cash cost of US$1.65 to US$1.85 per pound. 'Damage to pumping infrastructure has also led to increased water inflow into the mine so the focus now is on dewatering activity and additional equipment is being added to increase pumping capacity,' analyst Sam Crittenden wrote in a note to clients. 'This leaves uncertainty as we await further updates to determine the potential impact on production.' Crittenden maintains a $24 price target on Ivanhoe shares, with an 'outperform' rating on the stock. Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android.
Yahoo
26-05-2025
- Business
- Yahoo
Underground Mining Activities at Kakula Mine Suspended; Remediation Work Continues in Western Section of Kakula
Phase 1 and 2 concentrators continue operating, supplied by stockpiles Operations at Kamoa Mine and Phase 3 concentrator continue normal operations Ivanhoe Mines and Zijin committed to restore Kakula Mine back into production as soon as safely possible Kolwezi, Democratic Republic of the Congo--(Newsfile Corp. - May 26, 2025) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chairman Robert Friedland and President and Chief Executive Officer Marna Cloete today provide an operational update on the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo, following the temporary suspension of operations at the Kakula underground mine, as first announced by the company on May 20, 2025. Senior management and a world-class team of geotechnical experts continue to conduct a thorough investigation of the mine to understand the cause and effect of the seismic activity. Seismic activity at the Kakula underground mine has continued to occur intermittently over the past few days. Given the recent seismic activity, underground activities were suspended again on Saturday, May 25, 2025, with employees safely brought above ground and mobile equipment removed from the mine workings. The safety of employees and contractors remains paramount, and zero lost time injuries have been reported. Preliminary indications are that seismic activity at the Kakula underground could potentially continue for weeks, which would inhibit access to the mine and prolong the temporary suspension of operations at Kakula. As a result of the impact on underground pumping and electrical infrastructure, to date, there has been an increase in water inflow levels into the Kakula underground mine. Kamoa Copper, with support from Ivanhoe and Zijin Mining, is currently preparing detailed dewatering plans, including the acquisition of additional pumping equipment to increase pumping capacity and allow for dewatering from surface. Ivanhoe would like to thank its Chinese partners Zijin and CITIC Metal for their assistance in procuring additional equipment for the dewatering efforts. Ivanhoe Mines' President and Chief Executive Officer, Marna Cloete commented: "I would like to extend my profound thanks to our dedicated workforce, who have shown exceptional resilience and commitment while working under challenging conditions during the recent seismic activity. The safety of our employees is our highest priority, and it is testament to the professionalism and focus of everyone at Kamoa Copper that we have recorded no injuries in a dynamic environment. "While underground mining operations are temporarily suspended at Kakula, we are focusing our efforts on maintaining pumping and water management infrastructure, including accelerating procurement for dewatering equipment from surface. We are working around the clock with the world's foremost geotechnical experts to establish the cause of the issues we faced and how we will resolve them. "We maintain significant optionality to maintain Kakula's concentrator operations from surface stockpiles, or potentially temporarily re-deploy Kakula employees and equipment to Kamoa Mine, which continues uninterrupted." Ivanhoe Mines' Founder and Executive Co-Chairman, Robert Friedland commented: "We are going to gain wisdom and experience from the events that have unfolded in the past week. Ivanhoe, together with our partner Zijin, is operating in complex, high-grade sedimentary copper systems on a scale not seen before globally. What has transpired will give us valuable insight into managing geotechnical conditions and maintaining critical pumping infrastructure, which will allow us to future-proof and safely restart mining operations at Kakula … and such learnings will be applied in earnest to our activities at Kamoa and in the Western Forelands. "I remind readers that SpaceX - today responsible for approximately 90% of total payload launched into space by humanity - did not attain this status without numerous setbacks. Each setback brought their team new knowledge, making the mission stronger... and so we approach our operations at Kamoa-Kakula with the same mindset. Together we plan to restore operations to be safer and stronger than ever." As underground areas are deemed safe for crews to return, the initial focus will be to inspect, repair, and restart pump stations and associated piping, as well as electrical substations and associated cabling. Remediation work continues in the shallower western sections of the Kakula Mine, where current dewatering rates are approximately 1,000 litres per second (L/s). Kamoa Copper's engineering team is focused on restoring underground pumping capacity to over 3,000 L/s, which is deemed sufficient to stabilize water levels. In parallel, the management team intends to install at all of our mines high-capacity pumping systems that can operate from surface as permanent infrastructure. Surface infrastructure at Kakula, including the Phase 1 and 2 concentrators and direct-to-blister smelter, remains completely unaffected. The Phase 1 and 2 concentrators are currently processing ore from surface stockpiles. Mining activities at the Kamoa underground mine and processing at the adjacent Phase 3 concentrator continue to operate normally. Kamoa-Kakula's 2025 production and cost guidance, along with the ramp-up schedule for the direct-to-blister smelter, have been withdrawn pending review. Ivanhoe will provide further updates as more information is available. Ivanhoe and Zijin continue to work collaboratively under a strong partnership at the joint-venture level and are committed to returning Kakula back to production as soon as safely possible. 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 that the Phase 1 and Phase 2 concentrators will continue to be supplied by stockpiles; (ii) statements that seismic activity at the Kakula underground if it continues for weeks, would inhibit access to the mine and prolong the temporary suspension of operations as Kakula; (iii) statements that once underground access is deemed safe, crews will focus on inspecting, repairing, and restarting pump stations and associated piping, as well as electrical substations and associated cabling; and, (iv) statements that Kamoa-Kakula's 2025 production and cost guidance, along with the ramp-up schedule for the direct-to-blister smelter, have been withdrawn pending review. In addition, that Ivanhoe will provide further updates as more information is available. 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; (1) uncertainty around the rate of water ingress into underground workings, (2) the ability, and speed of which, additional equipment can be secured, (3) the continuation of seismic activity, (4) the state of underground infrastructure, (5) uncertainty around when future underground access can be secured, (6) future mine stability cannot be guaranteed (7) future mining methods, may differ the impact on Kakula operations. 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; unexpected geotechnical changes to mine operations, 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. To view the source version of this press release, please visit
Yahoo
23-05-2025
- 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. To view the source version of this press release, please visit Sign in to access your portfolio
