Ivanhoe Mines today announced its financial results for the first quarter ended March 31, 2018.
Ivanhoe Mines (TSX:IVN) today announced its financial results for the first quarter ended March 31, 2018.
The release detailed updates on how it was progressing with advancing its three mine development projects in Southern Africa: The Platreef platinum-palladium-nickel-copper-gold discovery in South Africa; the Kamoa-Kakula copper discovery in the Democratic Republic of Congo (DRC); and the extensive upgrading of the historic Kipushi zinc-copper-lead-germanium mine, also in the DRC.
Some highlights from the press release:
On March 9, 2018, DRC President Joseph Kabila Kabange signed a new mining code into effect that revises and updates the country’s 2002 mining code. The international mining companies that have operations in the DRC, including Glencore, Randgold, China Molybdenum, MMG, Ivanhoe Mines and Zijin Mining, collectively are negotiating with the DRC’s national government to resolve corporate concerns about anticipated impacts on their DRC operations from changes in the new mining code.
Continuing strategic discussions concerning Ivanhoe Mines and its projects are ongoing with several significant mining companies and investors across Asia, Europe, Africa and elsewhere. Several investors that have expressed interest have no material limit on the provision of capital.
Ivanhoe’s DRC exploration team is continuing with its regional drilling program targeting Kamoa-Kakula-style copper mineralization on its exploration licences in the Western Foreland region, just to the west of the Kamoa-Kakula mining-licence area.
At the end of Q1 2018, Platreef had recorded 562,000 work hours free of lost-time injuries, Kipushi 905,000 hours and Kamoa-Kakula more than 9.58 million hours.