The Kipushi zinc-copper-lead-germanium mine in DRC officially reopened, led by President Félix Tshisekedi. This joint venture between Ivanhoe Mines and Gécamines marks a significant milestone after over three decades of inactivity. The mine is expected to produce 50,000 to 70,000 tonnes of zinc this year, with an average of 278,000 tonnes over the next five years. The reopening has positively impacted Ivanhoe’s stock market performance.
The Kipushi zinc-copper-lead-germanium mine in the Democratic Republic of the Congo (DRC) has been officially reopened, following a ceremony conducted by President Félix Tshisekedi. This significant high-grade mine is a collaborative venture between Ivanhoe Mines, listed on the Toronto Stock Exchange, and Gécamines, the state-owned mining company of the DRC. This reopening comes after over three decades of cessation, marking a pivotal moment in the region’s mining industry.
Among the dignitaries present during the reopening ceremony were First Lady Denise Nyakeru Tshisekedi, the President of the Senate, multiple vice prime ministers, national ministers, and the governor of Haut-Katanga. The announcement of this reopening positively impacted Ivanhoe’s stock price, which rose by 2% to C$19.10, reflecting a market capitalization of C$25.8 billion (approximately $18.5 billion).
In June, the joint venture partners recommenced production at Kipushi, exactly one hundred years after the mine first began operations. Marna Cloete, President of Ivanhoe Mines, remarked on the ceremony, emphasizing the mine’s historical significance for local communities and its role in promoting sustainable resource development. Gécamines’ chairman, Guy-Robert Lukama Nkunzi, echoed this sentiment, highlighting the mine’s importance to the town of Kipushi and the region’s economic future.
In terms of production targets, the mine is forecasted to produce between 50,000 to 70,000 tonnes of zinc in concentrate this year, falling short of initial projections. However, over the next five years, Kipushi’s average payable zinc production is anticipated to reach approximately 278,000 tonnes, reaffirming the mine’s potential to significantly contribute to the local economy and the broader mining sector.
The Kipushi mine, located in the DRC, has a rich history, having operated for a century before being placed on care and maintenance for 31 years. Ivanhoe Mines, a Vancouver-based company, and Gécamines, the Congolese state miner, have joined forces in a joint venture to bring the mine back into operation. This reopening is not only a significant event for the companies involved but also for the socio-economic landscape of the surrounding communities that rely on the mine for employment and economic activities.
The official reopening of the Kipushi mine is a landmark event for the Democratic Republic of the Congo, signifying hope for sustainable development and economic growth. With the involvement of prominent government leaders and a commitment to increasing production, the mine is poised to play a crucial role in revitalizing the local economy and supporting community development. As production ramps up, the mine’s contribution to the zinc market and local employment will be closely monitored in the coming years.
Original Source: www.mining.com
