March 29, 2019 / 10:54 AM / 8 months ago

BUZZ-Ivanhoe Mines: CIBC raises PT following assessment of Congo mine

** CIBC raises PT of Canadian copper miner to C$3.30 from C$2.50, reiterates “neutral” rating

** Brokerage says PT increased after factoring in co’s Q4 results and updated preliminary economic assessment of its 18 million tonne per annum (Mtpa) Kamoa-Kakula copper mine in Democratic Republic of Congo (DRC)

** Says new assessment highlights potential of the deposit, which includes larger mineral resources and improved economics

** CIBC expects uncertainty around DRC’S new mining code to weigh on IVN shares

** 7 of 10 brokerages rate the stock “buy” or higher and 3 “hold”; median PT is $5.25

** As of Thursday’s close, IVN shares up 32.5 pct YTD (Reporting by Shradha Singh in Bengaluru)

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