- Ivanhoe Mines (IVN) reports first quarter financial results and achieves many important milestones
- The company reported a profit of $21.5 million for the quarter, up 1.1 million from 2021
- A strong balance sheet with cash and cash equivalents of $562 million was recorded
- The Kamoa-Kakula copper joint venture was the main contributor to the quarterly profit
- Kamoa-Kakula mining complex set a new quarterly production record during the period
- De-bottlenecking program is underway at Kamoa-Kakula to expand processing capacity
- Ivanhoe Mines (IVN) is down 0.98 per cent trading at $9.09 per share as of 1:51 p.m. ET
Ivanhoe Mines (IVN) achieved many important milestones in Q1 and is evaluating its mine construction and exploration activities.
The company has a profit of $21.5 million for the quarter, up 1.1 million from the same period in 2021.
The company’s share of profit from the Kamoa-Kakula copper joint venture and finance income, totalling $115.4 million, was the principal contributor to the first quarter’s profit. It ended the period with a strong balance sheet with cash and cash equivalents of $562 million
The Kamoa-Kakula mining complex set a new quarterly production record during the period, with 55,602 tonnes of copper in concentrate produced. Commercial production from the phase 2 concentrator began on April 7th.
A de-bottlenecking program is underway at Kamoa-Kakula to expand the processing capacity of phase 1 and 2 concentrators by 21 per cent, to a combined 9.2 million tonnes of ore per year. Copper production from Kamoa Copper’s first two phases is projected to exceed 450,000 tonnes per year by Q2 2023.
Kamoa-Kakula’s cost of sales per pound of payable copper sold was $1.08 per pound while cash costs per pound of payable copper produced totalled $1.21 per pound.
During the quarter, Kamoa-Kakula sold 51,919 tonnes of payable copper and recognized a record EBITDA of $399.4 million and revenue of $519.6 million, with an operating profit of $380.5 million.
Exploration models that successfully led to the discoveries of Kakula, Kakula West, and the Kamoa North Bonanza Zone are being applied to the Western Foreland land package.
Ivanhoe Mines (IVN) is down 0.98 per cent trading at $9.09 per share as of 1:51 p.m. ET.