Ivanhoe Mines Achieves Record Copper Production at Kamoa-Kakula
Ivanhoe Mines announced that the Phase 1, 2, and 3 concentrators at the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC) set a new monthly production record of 45,019 tonnes of copper in concentrate during November. The concentrators processed 1.2 million tonnes of ore with an average feed grade of 4.58% copper. Year-to-date production at Kamoa-Kakula now totals 390,061 tonnes of copper.
The recently ramped-up Phase 3 concentrator achieved an average recovery rate of 85.3% in November, rapidly approaching its design rate of 86%. On November 26, the concentrator set a record 90% recovery rate over a 24-hour period.
Kamoa-Kakula's production continues to accelerate, following the successful ramp-up of the Phase 3 concentrator earlier this quarter. Ivanhoe Mines' Executive Co-Chairman Robert Friedland emphasized that the project is only beginning to unlock its full potential, with an expected production capacity of 600,000 tonnes per year as growth continues. The copper complex, which started production just three and a half years ago, has quickly positioned itself as a leading copper producer.
The Kamoa-Kakula Copper Complex, discovered by Ivanhoe in 2017, is one of the largest and highest-grade copper mines globally, and it continues to expand through ongoing development. The completion of a pre-feasibility study for the Winu project, including the construction of a direct-to-blister smelter, is expected by year-end.
President Biden is set to visit the Angolan port of Lobito on December 3, 2024, where copper from Kamoa-Kakula is loaded for export. This visit follows an announcement by the US International Development Finance Corporation of a \$553 million loan to support the Lobito Atlantic Railway, which facilitates the transport of minerals to global markets.
Meanwhile, South Korean lawmakers have called on President Yoon Suk Yeol to resign following political upheaval. South Korea is a significant player in global metal markets, and the situation may have implications for LME-registered aluminium and copper stocks held in the country.
