Ivanhoe Mines Ltd.: Ivanhoe Mines Begins New Era of Commercial Copper Production
Kamoa-Kakula discovery enters production after 24 years of dedicated exploration and development efforts
Democratic Republic of Congo s President Félix Tshisekedi congratulates Ivanhoe for reaching the production milestone at the world-class discovery
Phase 2 concentrator expansion continues ahead of schedule
Kolwezi, Democratic Republic of Congo (Newsfile Corp. - May 26, 2021) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng Miles Sun are pleased to announce the start of copper concentrate production at the Phase 1, 3.8 million-tonne-per-annum (Mtpa) Kamoa-Kakula Mine, on May 25th, several months ahead of schedule.
His Excellency Félix Tshisekedi, President of the Democratic Republic of the Congo, commented on the significance of the start of production at Kamoa-Kakula:
Ivanhoe s Kamoa-Kakula mine starts copper production mining.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mining.com Daily Mail and Mail on Sunday newspapers.
China and Green Energy Drive Copper Prices to Record High
(Nikkei Asia) Analysts are predicting “Dr. Copper” will go on a sustained rally as the China-led global economy shows signs of climbing out of the coronavirus slump, though some long-term investors are adamant about staying away.
The benchmark copper price on the London Metal Exchange in early May hit a record high, at $10,460 a ton, and has since remained above $10,000. Its price had not been near that threshold for a decade; to reach it, it almost doubled in a year.
Market analysts are not surprised.
The leap “was expected,” said Takayuki Honma, chief economist at Sumitomo Corporation Global Research. “Sooner or later the price would have gone above $10,000.”
Australian shares are poised to open higher, bolstered by gains on Wall Street even as the spot price of iron ore dropped below $US200 a tonne. Bitcoin surges.
Illegal Mining in Colombia Hurts Chinese Gold Miner
May 22, 2021
A policeman stands next to a well where minerals taken from illegal gold mines are washed in Buritica, Colombia, on April 20, 2021. (REUTERS/Luisa Gonzalez)
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A large Chinese mining company says illegal operations at its gold mine in Colombia are seriously harming its production.
Zijin Mining Group paid $1 billion for the Buritica gold mine in 2019. The mine is near the Colombian community of Buritica in the Andes Mountains.
Zijin knew there were security risks in the area when it bought the mine. But local government officials and police tell Reuters that illegal mining activities there have increased.