Ivanhoe Mines has announced its financial results for the second quarter of 2024, reporting a profit of $67 million and a record normalized profit of $115 million. The strong performance was largely driven by the Kamoa-Kakula joint venture, which contributed $90 million to the income.
For Q2 2024, Ivanhoe Mines recorded an Adjusted EBITDA of $203 million, up from $126 million in Q1 2024. The Kamoa-Kakula Copper Complex sold 95,900 tonnes of payable copper, generating record revenue of $817 million and record EBITDA of $547 million. The cost of sales for Kamoa-Kakula was $1.53 per pound of payable copper, with cash costs (C1) at $1.52 per pound, at the lower end of guidance.
Key Highlights from Kamoa-Kakula:
- The Phase 3 concentrator expansion was completed ahead of schedule, increasing annualized production capacity to approximately 600,000 tonnes of copper.
- A daily production record was set on July 28, with 1,614 tonnes of copper produced, surpassing nameplate capacity by 19%.
- The on-site smelter project is over 85% complete and is on track for completion by the end of 2024.
Kipushi Project Updates:
- The Kipushi concentrator was completed ahead of schedule, with ramp-up to steady-state operations underway in Q3.
- The project achieved first zinc concentrate production on June 14, 2024, with production guidance set between 100,000 – 140,000 tonnes of zinc in concentrate for 2024.
- The de-bottlenecking program aims to increase processing capacity by 20% and is expected to be completed in nine months.
Financial and Operational Overview:
- Ivanhoe Mines maintains a strong balance sheet with $246 million in cash and cash equivalents as of June 30, 2024, and minimal corporate debt.
- The company expects cash flow from Kamoa-Kakula’s operations and project-level financing to cover capital cost requirements, including the completion of the smelter complex.
- New funding facilities totaling $800 million have been secured to support Phase 3 expansion and future growth.
Exploration and Development Activities:
- Ivanhoe’s Western Foreland copper exploration program achieved 39,000 metres of diamond-core drilling in H1 2024, focusing on the Kitoko and Makoko West sites.
- The Platreef Phase 1 concentrator construction was completed, with cold commissioning underway. It will be on care and maintenance until H2 2025.
- An updated feasibility study for Platreef’s Phase 2 and a preliminary economic assessment for Phase 3 are expected by the end of the year.
Environmental and Sustainability Initiatives: 
- Kipushi is set to become the lowest greenhouse gas emitter per tonne of zinc produced, with expected emissions intensity of 0.019 t CO2-e per tonne of zinc for 2025.
- Ivanhoe Mines continues to prioritize sustainable practices and strategic growth in its operations.
