More tremors force Ivanhoe to suspend copper output forecast at Congo mine
JOHANNESBURG, May 26 (Reuters) - Ivanhoe Mines IVN.TO said on Monday it had suspended its output forecast for this year after seismic activities at its giant copper mine in the Democratic Republic of Congo halted underground mining operations.
The Canadian miner said guidance for the Kamoa-Kakula mining complex, initially set between 520,000 and 580,000 metric tons of copper, and its planned ramp up at the smelting plant, had been withdrawn.
Ivanhoe shares tumbled as much as 15.6% in morning trade in Toronto. The stock is down 36% so far this year, according to LSEG data.
The Vancouver-based miner said on May 20 it had initially suspended some mining activities in a section of its Kakula mine after seismic activities or underground tremors. The company said on Monday that it was forced again to suspend operations over the weekend due to seismic activities over the past few days.
"Seismic activity at the Kakula underground mine has continued to occur intermittently over the past few days," Ivanhoe said.
The tremors have also affected underground infrastructure, including water pumping and there has been an increase in water inflow levels into the Kakula mine, the miner said.
The operations at the adjacent Kamoa mine had not been interrupted, it said.
The suspension of production guidance "leaves uncertainty as we await further updates to determine the potential impact on production," RBC Capital Markets said in a note.
On Friday, Ivanhoe contradicted joint venture partner Zijin Mining 601899.SS about the extent of problems at the mine.
The Chinese miner said on Friday in a public filing that the seismic activity could affect this year's planned copper production, a statement that Ivanhoe disputed on the grounds it was still conducting investigations.
The Congo mines produced about 437,000 metric tons of the metal last year.
On Monday Ivanhoe said it and Zijin would work together to bring the Kakula mine back into production as soon as possible.
Related Articles
An Overview of U.S. Government Shutdowns: Causes and Consequences
TradingKey - A government shutdown is a uniquely American political event. After former President Donald Trump orchestrated the longest and most costly government shutdown in history during his first term, the risk of another shutdown has resurfaced at the start of his second term.
Alibaba – the Poster child of the Chinese AI Revolution
TradingKey - In the beginning of the year, Alibaba ADR at the New York Stock Exchange was traded at $84.95. AS of September 25th, the price is already $176.44, or more than double – a remarkable rally that doubled the price within less than ten months.
Carnival’s Q3 2025 Earnings Preview: Can Strong Demand and Celebration Key Drive Valuation Higher?
TradingKey - Fueled by robust consumer demand for cruise travel, Carnival has hit all-time highs in several key metrics, including revenue, yield, and customer deposits. Its stock has performed strongly in 2025, with a year-to-date gain exceeding 20% and a nearly 70% increase over the past 12 months
U.S. August PCE Preview: Four-Run PCE Bounce Challenges the Fed’s Three-Cut Plan
TradingKey - The U.S. Bureau of Economic Analysis (BEA) will release the August Personal Consumption Expenditures (PCE) Price Index on Friday, September 26, with markets closely watching how much tariff pass-through effects have influenced inflation.
U.S. August PCE: Inflation Remains the Market's Greatest Risk
Our baseline forecast anticipates sustained asset price increases. However, if inflation surpasses market expectations in the coming months, it could hinder further rate cuts and pose the greatest risk to financial markets.
