Kipushi Mine Officially Reopens in DRC as President Tshisekedi Leads Ceremony

The Kipushi zinc-copper-lead-germanium mine in the Democratic Republic of the Congo (DRC) officially reopened on Thursday, with President Félix Tshisekedi presiding over the ribbon-cutting ceremony. The high-grade mine, operated as a joint venture between Ivanhoe Mines (TSX: IVN) and the DRC state-owned miner Gécamines, marks an important milestone in the revitalization of the country’s mining sector.

The opening ceremony was attended by several high-profile officials, including 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 announcement of the reopening saw Ivanhoe Mines' stock rise by 2%, reaching C$19.10 per share, and giving the Vancouver-based miner a market capitalization of C$25.8 billion ($18.5 billion).

Production at the Kipushi mine resumed in June, ending a 31-year period during which the mine had been on care and maintenance. The restart comes precisely a century after the mine initially went into production. The Kipushi mine is expected to produce between 50,000 to 70,000 tonnes of zinc in concentrate this year, which represents about half of the original forecast made by Ivanhoe Mines. Over the next five years, the mine's payable zinc production is projected to average 278,000 tonnes annually.

"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," Ivanhoe Mines president Marna Cloete stated in a media release. Gécamines chairman Guy-Robert Lukama Nkunzi added, "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."