The Kipushi zinc mine in the DRC reopened with a ceremony led by President Tshisekedi. It is a collaborative venture between Ivanhoe Mines and Gécamines. The reopening raised Ivanhoe’s stock by 2%, and the mine aims to produce 50,000 to 70,000 tonnes of zinc this year and 278,000 tonnes over five years, promising local economic benefits.
The Kipushi zinc mine in the Democratic Republic of the Congo (DRC) has officially reopened, marked by a ribbon-cutting ceremony led by President Félix Tshisekedi. This high-grade mine operates as a joint venture between Ivanhoe Mines, listed on the Toronto Stock Exchange, and Gécamines, the state-owned mining enterprise of the DRC. Significant dignitaries attended the inauguration, including the DRC First Lady Denise Nyakeru Tshisekedi, the President of the Senate, three vice prime ministers, eight national ministers, and the governor of Haut-Katanga.
The reopening announcement positively impacted Ivanhoe’s stock, which rose by 2% to C$19.10, valuing the Vancouver-based company at approximately C$25.8 billion ($18.5 billion). This significant event comes 31 years after the mine was previously placed on care and maintenance, coinciding with the centenary of its original production commencement.
Ivanhoe Mines President Marna Cloete emphasized the reopening’s importance, stating, “The reopening of the Kipushi mine represents not only a milestone for sustainable resource development but also a promise of economic empowerment for our local communities.” Gécamines Chairman Guy-Robert Lukama Nkunzi remarked, “The Kipushi mine was the beating heart of the Kipushi town since operations first began 100 years ago … Today, its heart has been revived, and the resumption of operations is an opportunity for a new economic paradigm.”
In the current year, the Kipushi mine is projected to produce between 50,000 to 70,000 tonnes of zinc concentrate, which is half of Ivanhoe’s initial expectations. Over the next five years, the mine is anticipated to yield an average of 278,000 tonnes of payable zinc production, strengthening the local economy and securing jobs in the region.
The Kipushi mine is historically significant in the DRC, known for its rich deposits of zinc, copper, lead, and germanium. After decades of inactivity, its reopening heralds a new chapter in sustainable mining practices and economic revitalization for the surrounding communities. The joint venture between Ivanhoe Mines and Gécamines signifies a collaborative effort between the private sector and the DRC government in resource management, aimed at harnessing the country’s mineral wealth to foster local development and investment opportunities.
The official reopening of the Kipushi zinc mine signifies a major advancement for both Ivanhoe Mines and the Democratic Republic of the Congo. It underscores the importance of sustainable development in mining and highlights the potential for significant economic revitalization in local communities. With the projected increase in zinc production over the coming years, the Kipushi mine is poised to become a vital contributor to the DRC’s economy and a cornerstone of local employment.
Original Source: www.mining.com
