BMO Capital Markets on Friday reiterated its outperform rating on the shares of Ivanhoe Mines (IVN.TO) while cutting its price target to C$21.00 from C$24.00 after the company restarted underground mining operations on the western side of its Kakula Mine in the Democratic Republic of Congo.
"Ivanhoe's restart of mining the west of Kakula is an important positive step for the mine after the May 18 stoppage due to seismic events. In our opinion, there will clearly be some impact on the pace of mining the highest grade mineralization in the medium to long terms. We have made adjustments to our mine plan expectations to match updated guidance and made some of our own additional placeholder assumptions - we reduce our target to $21 from $24," analyst Andrew Mikitchook wrote," analyst Andrew Mikitchook wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 9.90, Change: -0.09, Percent Change: -0.90
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