Ivanhoe Mines Reports Q3 2024 Financial and Operational Highlights
Ivanhoe Mines has announced its financial and operational results for the third quarter of 2024, reporting Adjusted EBITDA of $160 million, down from $203 million in the second quarter of 2024. The company, a leading Canadian miner with major projects in Southern Africa, continues to advance its key operations, including the Kamoa-Kakula Copper Complex and the Kipushi zinc-copper-lead-germanium mine.
The Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC) achieved record production of 116,313 tonnes of copper during Q3 2024, contributing to a total of 303,328 tonnes of copper produced year-to-date. In the same quarter, Kamoa-Kakula sold 103,106 tonnes of payable copper, generating record revenue of $828 million and an EBITDA of $470 million. The complex's quarterly cost of sales was $1.80 per pound of payable copper, with a C1 cash cost of $1.69 per pound, which increased due to the ongoing Phase 3 expansion.
The Kamoa-Kakula Phase 3 concentrator reached steady-state production after the end of the quarter, with milling rates regularly exceeding nameplate capacity. In addition, the construction of Africa's largest and greenest copper smelter at Kamoa-Kakula remains on track for completion by the end of this year, which is expected to materially improve profit margins once operational.
Kipushi, the high-grade zinc mine in the DRC, produced 17,817 tonnes of zinc in concentrate during its ramp-up phase in Q3 2024, and the export of concentrates has commenced. The concentrator at Kipushi is on schedule to achieve nameplate capacity in Q1 2025, with zinc recovery rates already exceeding 90% during the third quarter.
Ivanhoe Mines also reported a profit of $108 million for Q3 2024, consistent with Q3 2023 results. The company’s normalized profit for Q3 2024 stood at $112 million, compared to $95 million in Q3 2023. Ivanhoe maintains a strong balance sheet, with $180 million in cash and cash equivalents as of September 30, 2024, and anticipates strong cash flow from Kamoa-Kakula's operations to cover the remaining capital requirements for the Phase 3 expansion.
