Ivanhoe restarts part of Congo copper mine; cuts output guidance
By Rishabh Jaiswal and Divya Rajagopal
(Reuters) -Ivanhoe Mines said on Wednesday it had resumed underground mining in part of its Kakula copper mine in the Democratic Republic of Congo that had been closed due to seismic activity, but lowered output guidance for the year.
Mining on the mine's western side resumed on June 7, while Ivanhoe will start pumping water out of the eastern side in August, aiming to finish by the year's fourth quarter. It will also look to open a new section for mining in the eastern part.
The Kakula mine is part of the giant Kamoa-Kakula copper mining complex.
The Canadian miner said it now expects 370,000 tons and 420,000 tons of copper output from the Kamoa-Kakula mining complex. It had withdrawn earlier guidance of 520,000 and 580,000 tonnes following seismic activity and floods in May.
The company also withdrew its 2026 target of about 600,000 tonnes of copper production.
"This is a significant setback for the plans at Kamoa-Kakula and leaves uncertainty about 2026 and beyond production and whether mining can resume in the previously developed area of Kakula East," analysts at RBC said in a note.
The disruption is the latest in a series of supply-side setbacks that has tightened global copper supply, helping to drive margins for smelters into deeply negative territory.
Co-owner Zijin Mining has not issued any statements on the mine's status since May, when it said the tremors had damaged mine roofs and could affect output.
Ivanhoe subsequently disputed Zijin's statement, although it later withdrew guidance.
Zijin did not immediately respond to an emailed request for comment about Ivanhoe's latest statement.
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Time Magazine
6 hours ago
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Yahoo
9 hours ago
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Newsweek
11 hours ago
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Jeff Bezos' Venice Wedding Was Relatively Cheap
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Jeff Bezos' multimillion dollar wedding to Lauren Sanchez in Venice was relatively him. The cost of the nuptials on Friday was estimated between $47 million and $56 million, according to Reuters, citing Luca Zaia, president of the Veneto region where the Italian city of canals is based. And while this sum may appear lavish to any ordinary American, it amounted to just 0.0193-0.0230 percent of the Amazon founder's estimated $244 billion net worth, as recorded by the Bloomberg Billionaires Index. The average and median net worth of an American family is $1,063,700 and $192,900 respectively, according to the most recent data from the U.S. Federal Reserve. This means Bezos' wedding was financially similar to an average American spending less than $250 on their wedding—about the cost of a family dinner or a new pair of sneakers. To put that percentage into further context, Newsweek analyzed what similarly proportioned wedding spending would look like for Americans in professions such as construction, nursing and law. Lauren Sanchez Bezos, left, and Jeff Bezos depart from the Aman hotel during wedding celebrations on June 28, 2025, in Venice, Italy. Lauren Sanchez Bezos, left, and Jeff Bezos depart from the Aman hotel during wedding celebrations on June 28, 2025, in Venice, Italy. Luca Bruno/AP Photo Why It Matters Bezos is currently the third richest person in the world, after Tesla CEO Elon Musk and Facebook founder Mark Zuckerberg, according to the Bloomberg Billionaires Index. The comparatively negligible impact of the billionaire's wedding bill on his total wealth highlights the vast and growing gap between the world's richest individuals and the average American worker. Half of regular Americans anticipate going into debt to pay for their weddings, according to a survey earlier this month by U.S. News. What To Know Newsweek used ChatGPT to help calculate the dollar amount U.S. workers in several professions would need to spend on a wedding to match the same fraction of net worth as Bezos did. Breaking Down the Proportions A construction worker, whose average net worth is approximately $60,000, would only spend between $11.58 and $13.80 on their wedding, as that amount is 0.0193 percent to 0.0230 percent of their net worth. This is roughly the equivalent of two small lattes from Starbucks. Nurses, whose average net worth was calculated to be approximately $125,000, could spend between $24.13 and $28.75 on their wedding. This is less than the cost of two bacon cheeseburgers from Five Guys. According to the AI, journalists have a lower net worth than nurses, with just $100,000 as their total net worth, meaning they have even less to spend on their weddings if sticking to Bezos' budget ratio. Journalists could spend between $19.30 and $23 on a nuptial celebration—about as much as one fancy cocktail in New York City. Teachers have a slightly higher budget of $38.60 to $46 based on an estimated $200,000 net worth. Meanwhile, the average American lawyer can afford to splash out, with $96.50 to $115 on their wedding, if sticking to spending a maximum of 0.0230 percent of their estimated $500,000 net worth. How Net Worth Estimates Were Calculated The AI constructed the approximate net worth figures from publicly available U.S. salary data, industry wage reports and national wealth surveys. For construction workers, median annual wages of $46,050 from the Bureau of Labor Statistics informed an estimated 30-year career saving a modest percentage of income, landing at a net worth of $60,000. Nurses, with average salaries near $89,000 and consistent retirement contributions, were estimated with net worth ranging from $125,000 to $175,000. Journalists—often burdened by lower salaries and potential student debt—were projected at $100,000. Teachers, benefiting from defined-benefit pensions, could reach $200,000 or more, while lawyers, despite student loan burdens, commonly reach at least $500,000. Actual net worth can vary significantly due to factors such as debt levels, regional cost of living, career interruptions, investment returns and household dynamics. These figures should be viewed as illustrative models—not precise financial portraits of individual workers in these professions. These calculations also do not take into account the age at which people in these professions reach this level of net worth. Most weddings occur when people are younger, meaning they may not have reached their highest earning potential by the time they get married. Activists stage a protest against the Bezos wedding on the Rialto Bridge on June 28, 2025, in Venice, Italy. Activists stage a protest against the Bezos wedding on the Rialto Bridge on June 28, 2025, in Venice, Italy. Antonio Calanni/AP Photo Bezos, 61, and Sanchez, 55, both getting married for the second time, tied the knot over the weekend in Venice after a nearly two-year engagement. The wedding was met with protesters in the city who said the city should not be rented by "oligarchs," with lead protester Marta Sottoriva saying "our city has been sold to the highest bidder." City officials disagreed with Sottoriva's "No Space for Bezos" campaign, saying Bezos donated money to Venetian causes, such as restoring council homes, as part of his agreement with the city. Bezos, Sanchez and their approximately 200 celebrity guests, including Leonardo DiCaprio, several Kardashians and Oprah Winfrey, partied in Venice for several days, shutting off portions of the city from its residents. What People Are Saying Marta Sottoriva, leader of "No Space for Bezos," told The Guardian: "There's a lot of anger in the air because once again the council has enslaved itself to the logic of profit—our city has been sold to the highest bidder. Every time an event of this kind happens, the city comes to a standstill, certain areas become inaccessible and even more tourists arrive. This wedding really is the symbol of all that is wrong with Venice." Hannah Holland, writing for MSNBC, said: "This wedding—the tenor, the clothes, the cost—indicate a callous indifference toward the realities the rest of the world is facing." Usher leaves a hotel during celebrations for Jeff Bezos and Lauren Sanchez Bezos' wedding, in Venice on June 28, 2025. Usher leaves a hotel during celebrations for Jeff Bezos and Lauren Sanchez Bezos' wedding, in Venice on June 28, 2025. Luigi Costantini/AP Photo What Happens Next The wedding industry in the U.S. continues to be a highly lucrative business, with people spending more on weddings than ever before, according to Grand View Research. However, some couples are starting to reconsider their spending, opting to save up for a home or for children instead of a wedding party.
