Ivanhoe rebounds on planned partial restart of flooded copper mine

Ivanhoe Mines (TSX: IVN) has laid out plans to dewater the Kakula copper mine in the Democratic Republic of the Congo that could result in a return to operations as early as this month. Its shares rebounded on the update.The underground mine, part of the larger Kamoa-Kakula copper complex in the DRC, was temporarily suspended on May 18 following seismic activity that resulted in severe flooding. The complex is Africa’s largest copper-producing operation, with majority ownership split between Ivanhoe and China’s Zijin Mining (39.6%) at 39.6% each, while the DRC government holds a 20% stake.Despite conflicted reports over the potential damage by the joint venture partners, mining analysts have said the mine should be able to resume once the necessary dewatering and remediation efforts are completed.In a press release issued Monday, Ivanhoe said its engineering team is working on a dewatering plan that would see the western side of the mine, which remains dry, to return to operations later this month. The eastern side, where the initial seismic activity occurred, will restart once the entire dewatering process is complete, the Canadian miner added.Ivanhoe withdraws production guidance at Kakula, shares diveThe dewatering plan comprises two stages: 1) installation of temporary underground pumping infrastructure to stabilize and maintain current water levels; and 2) installation of high-capacity, surface-mounted pumps and new permanent infrastructure to fully dewater the underground mine.Ivanhoe said its team has already completed Stage 1, resulting in a pumping capacity of 4,400 litres per second, enough to manage water inflows. Stage 2 is currently underway, with four surface pumps ordered to add 650 litres per second of capacity each. Delivery and installation of these pumps are expected within 90 days, the company said.Ivanhoe Mines’ shares rose as much as 7.5% to C$11.56 on the update, the highest since the week it announced the mine suspension. The rally sent the miner’s market capitalization back above C$15 billion.Meanwhile, the near- and long-term plans to resume operations at Kakula are currently being updated, according to Ivanhoe. The management team and joint venture partners are conducting a geotechnical assessment, the results of which are anticipated next week.Operation statusAlso in its press release, Ivanhoe said its Phase 1 and 2 concentrators are still processing surface stockpiles at half of their combined capacity, and ore from the western side of the Kakula mine will be fed into these concentrators once underground operations restart.Since mining operations began at Kakula in 2021, crews have completed over 18 months’ worth of underground development ahead of the mine plan. This extensive advance development provides significant operational flexibility, allowing access to multiple production areas as they are deemed safe for re-entry, Ivanhoe noted.Operations at the Kamoa underground mine and the adjacent Phase 3 concentrator remain unaffected and continue as normal, it added.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com