Ivanhoe Mines Sets Record Production at Kamoa-Kakula in October

Ivanhoe Mines announced that its Kamoa-Kakula copper complex in the Democratic Republic of Congo achieved record monthly production of 41,800 tonnes of copper concentrate in October, along with a combined milling record of 1.2 million tonnes for the month. Copper concentrate production for the year reached 345,042 tonnes as of October 31, representing 79% of the mid-point of the company's 2024 production guidance of 425,000 to 450,000 tonnes.

On October 12, the Phase 1, 2, and 3 concentrators at Kamoa-Kakula collectively milled a record 50,253 tonnes of ore, producing 1,720 tonnes of copper. This performance corresponds to an annualized milling rate of 16.9 million tonnes and an annualized production rate of approximately 580,000 tonnes of copper, after accounting for operational availability.

Robert Friedland, founder and co-chairman of Ivanhoe Mines, highlighted the achievement, calling the delivery of the Kamoa-Kakula complex "the world's newest and greenest tier-one copper mining complex" and praised the consistent, ahead-of-schedule progress. He also noted that engineering for the Phase 4 expansion is nearing completion.

The Kamoa-Kakula project is now commissioning the Kamoa 1 and 2 underground-to-surface ore conveyor system, as well as the first underground truck tip. These developments will allow ore from the Kamoa 1 and 2 underground mines to be fed directly into the Phase 3 concentrator, bypassing the surface low-grade stockpiles used during ramp-up.

BMO Capital Markets commented positively on the production results, indicating that record performances are expected at Kamoa-Kakula for several upcoming quarters, which they believe should reflect positively on the market.

Shares of Ivanhoe Mines fell 0.2% on Monday, with a market capitalization of C$25.2 billion ($18.1 billion).