Copper miners Capstone and Sandfire rally on Congo mine closure
Make us a preferred source
Make us a preferred source on Google
The news: Copper miners Capstone Copper and Sandfire Resources were the two best performing ASX 200 stocks in morning trade after Canadian miner Ivanhoe withdrew guidance for the Kamoa-Kakula Copper Complex, Africa’s largest copper mine.
The numbers: Capstone shares were up 6.2% to $8.38 at 11:20am AEST. Sandfire shares lifted 4.8% to $11.55.
The stocks tracked a rise in copper prices on the London Metal Exchange, which added 1.2% to USD9,610 a tonne.
The context: Operations at the Kakula underground mine in the Democratic Republic of the Congo were temporarily suspended last week due to intermittent seismic activity.
Ivanhoe said that seismic activity at Kakula "could potentially continue for weeks", preventing access to the mine and prolonging the temporary suspension of operations.
Kamoa-Kakula’s 2025 production and cost guidance, along with the ramp-up schedule for its direct-to-blister smelter, have been withdrawn pending review.
The source: Ivanhoe media release
