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BMO Capital lowered its price target on Ivanhoe Mines Ltd. (TSX:IVN) (OTC:IVPAF) to C$21.00 from C$24.00 on Thursday, while maintaining an Outperform rating on the mining company’s stock.
The price target reduction follows Ivanhoe’s restart of mining operations at the western portion of its Kakula mine, which BMO described as "an important positive step" after operations were halted due to seismic events on May 18.
BMO noted that despite the restart, there would "clearly be some impact on the pace of mining the highest grade mineralization in the medium to long terms," prompting the firm to adjust its mine plan expectations.
The analyst firm made adjustments to align with Ivanhoe’s updated production guidance, while also incorporating additional assumptions into its financial model for the mining company.
Ivanhoe Mines operates primarily in Africa, with the Kamoa-Kakula copper mining complex in the Democratic Republic of Congo representing one of its flagship assets.
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