Latest news with #seismicActivity
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.
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.
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
Daily Mail
23-05-2025
- Science
- Daily Mail
BREAKING NEWS Earthquake rocks US city miles from supervolcano as fears of overdue eruption return
A small town in Idaho sitting near the Yellowstone supervolcano has been rocked by an early morning earthquake, possibly signaling a future eruption. The US Geological Survey (USGS) reported that a 3.6 magnitude quake struck southeastern Idaho near the town of Soda Springs at 9:08am ET Friday morning. The small rural town is just 126 miles from the Yellowstone's caldera, the bowl-shaped volcanic depression within the famous national park. According to early data from USGS, the quake was located at a shallow depth of just over 10 miles beneath the surface. Shallow earthquakes are felt more strongly than deeper ones as they are closer to the surface, but they rarely cause any damage to property or buildings. While geologists are still investigating the Friday morning quake, the Yellowstone supervolcano influences seismic activity in this region due to its massive magma chamber and connected fault lines. It generates 1,500 to 2,000 small earthquakes each year, most of which are weaker than 2.0 on the Richter scale of magnitude. These tremors usually shake areas within the Yellowstone Caldera and nearby fault zones, but the supervolcano can also influence seismic activity over 100 miles away. A new study recently showed that Yellowstone's magma chamber is just 2.3 miles or about 12,500 feet below Earth's surface. Since it has not exploded in about 640,000 years, some experts and locals believe the volcano's next eruption is overdue. An dramatic uptick in seismic activity is often a sign that a volcano may soon erupt. Earthquakes around Yellowstone are driven by magma movement, hydrothermal activity, and regional tectonic stresses in the Intermountain Seismic Belt - an 800-mile an active fault region stretching through Nevada, Utah, Idaho, Wyoming, and Montana. Scientists from USGS discovered a newly opened volcanic vent in Norris Geyser Basin in 2024. The vent is at the foot of a rhyloite lava flow, and is spewing hot steam up into the air. Back in 2003, a similar vent was spotted just on the other side of the same rhyolite lava flow.
CNA
23-05-2025
- Climate
- CNA
Indonesia quake off Sumatra damages more than 100 houses
JAKARTA: A 5.7-magnitude earthquake hit near the Indonesian island of Sumatra on Friday (May 23), the United States Geological Survey (USGS) said, damaging more than 100 houses with no reports of casualties. The tremor hit at 2.52am local time (7.52pm GMT on Thursday) at a depth of 68km, with the epicentre offshore near Bengkulu province, according to the USGS. The country's meteorological agency gave a higher magnitude of 6.0 with the epicentre at a depth of 84km, adding that there was no potential for a tsunami. The tremor damaged more than 100 houses and at least six public facilities in the provincial capital of Bengkulu city, Abdul Muhari, a spokesman for the national disaster mitigation agency, or BNPB, said in a press conference on Friday. "In Bengkulu city, 140 houses were affected (by the quake), eight of which collapsed, meaning (they) cannot be repaired," Abdul said. In the Central Bengkulu district, two houses were lightly damaged due to the quake, he added. Some locals in Bengkulu were woken up by the jolt and immediately rushed outside. "During the quake... (my) house's window shook strongly. That was what woke us up," Erick Catur Nugroho, 36, told AFP. "We spontaneously (carried) the children outside the house. When outside, all the neighbours that I saw were not in their house, (they were) in front of the doors." Indonesia experiences frequent earthquakes due to its position on the Pacific "Ring of Fire", an arc of intense seismic activity where tectonic plates collide that stretches from Japan through Southeast Asia and across the Pacific basin. A magnitude-6.2 quake that shook Sulawesi in January 2021 killed more than 100 people and left thousands homeless. In 2018, a magnitude-7.5 quake and subsequent tsunami in Palu on Sulawesi killed more than 2,200 people.
