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 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…
