Ivanhoe Mines Ltd. (TSX:IVN) - Executive Chairman & Director, Robert Friedland.
Executive Chairman & Director, Robert Friedland.
Source: Financial Post.
  • Ivanhoe Mines (IVN) has halted development of its Platreef project in South Africa, after two workers were fatally injured in the site’s recently completed first shaft
  • Initial reports suggest a kibble bucket fell down the shaft, striking a working platform below, where four workers were conducting water-pumping activities
  • Two fatalities have been reported thus far, with one employee injured and another still missing
  • As a result, development at the site has been ceased, while the company and the South African authorities determine the cause of the accident
  • Ivanhoe Mines (IVN) is up 0.34 per cent and is currently trading at C$5.95 per share

Ivanhoe Mines (IVN) has halted development of its Platreef project in South Africa, after two workers were fatally injured at the site.

Initial reports suggest a kibble bucket fell down the site’s recently completed first shaft, striking a working platform below where four workers were conducting water-pumping activities. Two fatalities have been reported thus far, with one employee injured and another still missing.

The injured worker has now been safely excavated from the shaft and is currently in a stable condition, after being transported to a hospital in Johannesburg for treatment.

As a result, development at the site has been ceased, while the company and the South African authorities determine the cause of the accident.

To help with the investigation site operator Ivanplats, which is 64 per cent owned by Ivanhoe Mines, has enlisted the help of specialist winder engineers to evaluate any possible causes of the accident.

Marna Cloete, President and CFO of Ivanhoe Mines, commented on the tragedy.

“On behalf of the entire management of Ivanplats and Ivanhoe Mines, we extend our deepest sympathies to the families who have lost their loved ones in this tragic event. Safety for everyone at our mine sites is our highest priority,” she said.

The workers at the polymetallic mining project completed the first shaft earlier this year, sinking it to depth of 996 metres as part of an accelerated development plan to generate near-term cash-flow.

The company did not reveal if the accident will affect the project’s current development timeline and stated it will only recommence operations once the safety of its workers can be assured.

Ivanhoe Mines (IVN) is up 0.34 per cent and is trading at C$5.95 per share at 10:41pm EDT.

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