Ivanhoe disputes Zijin’s claims on Kakula mine suspension

Published: 2025-05-23 15:10 Author: Bruno Venditti

Source: MINING.COM (Original Article)

AI Analysis & Insights

Ivanhoe Rejects Zijin’s Concerns Over Kakula Mine Halt

Summary: Ivanhoe Mines has publicly contradicted claims by its partner Zijin Mining regarding safety issues and production risks at the Kakula copper mine in the Democratic Republic of Congo following a temporary suspension due to seismic activity. Ivanhoe insists that there is no evidence of significant damage and is conducting a thorough investigation.

Introduction

Ivanhoe Mines (TSX: IVN) has issued a strong rebuttal to statements made by its Chinese partner, Zijin Mining, concerning operational challenges at the Kakula copper mine in the Democratic Republic of Congo (DRC). The dispute arose after a temporary suspension of activities due to recent seismic activity, raising questions about the mine’s safety and production targets.

Main Body

On Tuesday, Ivanhoe announced a temporary halt at the Kamoa-Kakula complex but clarified that the western section of the mine was deemed safe, with operations set to resume soon. However, Zijin Mining released a statement citing 'multiple roof-falling and rib-spalling' incidents in the eastern section and warned of potential shortfalls in annual production guidance. Ivanhoe swiftly dismissed these claims, stating, 'Ivanhoe Mines does not agree with this statement,' and emphasized that a detailed investigation is still in progress.

Ivanhoe’s senior management, alongside geotechnical experts, is conducting a comprehensive inspection of the underground mine. Initial findings, according to the company, show no evidence of collapsing stopes or structural pillar damage. This aligns with a report from BMO Capital Markets, which noted that the underground damage does not appear extensive and that milling operations continue at reduced capacity using stockpiled ore, minimizing immediate impact.

The Kamoa-Kakula Mining Complex, a joint venture between Ivanhoe (39.6%), Zijin Mining (39.6%), Crystal River Global (0.8%), and the DRC government (20%), recently reaffirmed its copper production guidance of 520,000 to 580,000 tonnes for the year. In April, the complex achieved a record output of 50,176 tonnes. However, the ongoing investigation will determine if the suspension could affect these targets, with a detailed update expected by May 27, 2025.

From an analytical perspective, this public disagreement between Ivanhoe and Zijin raises concerns about transparency and coordination within the partnership. In the context of global copper demand, driven by the energy transition and electrification trends, any disruption at one of the world’s largest copper mines could have ripple effects on supply chains. Is this a mere communication gap, or does it hint at deeper operational or strategic tensions between the partners? Additionally, the DRC’s volatile mining environment, often plagued by regulatory and infrastructural challenges, adds another layer of uncertainty.

Ivanhoe’s shares dipped by 1.2% on Friday morning, reflecting mild investor concern, though the company maintains a robust market capitalization of C$17.4 billion ($12.6 billion).

Conclusion:

While Ivanhoe Mines remains optimistic about the Kakula mine’s condition and production outlook, the public spat with Zijin Mining underscores the importance of unified communication in joint ventures. As the investigation unfolds, stakeholders will closely monitor whether this incident impacts the mine’s ambitious targets and the broader copper market. A clearer picture is expected by late May 2025, but for now, the situation highlights the complexities of operating in high-stakes mining regions like the DRC.

艾芬豪驳回紫金对卡库拉矿山停产的担忧

摘要: 艾芬豪矿业公开反驳其合作伙伴紫金矿业关于刚果民主共和国卡库拉铜矿安全问题和生产风险的声明，此前由于地震活动导致矿山暂时停产。艾芬豪坚称没有证据显示重大损害，并正在进行彻底调查。

引言

艾芬豪矿业（TSX: IVN）针对其中国合作伙伴紫金矿业关于刚果民主共和国（刚果金）卡库拉铜矿运营问题的声明发出了强烈反驳。由于近期地震活动导致活动暂时中止，这场争端引发了关于矿山安全和生产目标的疑问。

正文

周二，艾芬豪宣布卡莫阿-卡库拉综合体暂时停产，但澄清矿山西部区域已被认定为安全，运营将很快恢复。然而，紫金矿业发布声明，指出东部区域发生“多次顶板坍塌和边帮剥落”事件，并警告年度生产指导目标可能无法达成。艾芬豪迅速驳回了这些说法，声明“艾芬豪矿业不同意这一声明”，并强调详细调查仍在进行中。

艾芬豪的高级管理层与地质技术专家正在对地下矿山进行全面检查。据该公司称，初步结果显示没有采场坍塌或结构支柱损坏的证据。这与BMO资本市场的一份报告一致，该报告指出地下损害似乎并不广泛，磨矿作业继续以降低的产能使用库存矿石运行，短期影响有限。

卡莫阿-卡库拉矿业综合体是艾芬豪（39.6%）、紫金矿业（39.6%）、Crystal River Global（0.8%）和刚果金政府（20%）的合资企业，近期重申其年度铜产量指导目标为52万至58万吨。今年4月，该综合体创下了50,176吨的产量纪录。然而，正在进行的调查将决定此次停产是否会影响这些目标，详细更新预计将于2025年5月27日公布。

从分析角度来看，艾芬豪与紫金之间的公开分歧引发了关于合资企业透明度和协调性的担忧。在全球铜需求受能源转型和电气化趋势推动的背景下，世界上最大的铜矿之一若出现任何中断，可能对供应链产生连锁反应。这仅仅是一个沟通问题，还是暗示了合作伙伴之间更深层次的运营或战略紧张关系？此外，刚果金不稳定的采矿环境，常常受到监管和基础设施挑战的困扰，也增加了不确定性。

艾芬豪的股价周五上午下跌1.2%，反映了投资者的轻微担忧，尽管公司仍保持着174亿加元（126亿美元）的强劲市值。

结论:

尽管艾芬豪矿业对卡库拉矿山的状况和生产前景保持乐观，但与紫金矿业的公开争执凸显了合资企业中统一沟通的重要性。随着调查的展开，利益相关者将密切关注这一事件是否会影响矿山的宏伟目标以及更广泛的铜市场。预计到2025年5月末将有更清晰的进展，但目前的情况凸显了在刚果金这样的高风险采矿地区运营的复杂性。