- Ivanhoe Mines (TSX:IVN) has set a new production record of 45,019 tons of copper in concentrate at its Kamoa-Kakula complex in the Democratic Republic of the Congo (DRC)
- The phase 1, 2 and 3 concentrators at the complex milled 1.2 million tons of ore at an average feed grade of 4.58 per cent copper
- Ivanhoe Mines is a Canadian mining company advancing three major polymetallic projects in the DRC and South Africa
- Ivanhoe Mines stock has added 51.62 per cent year-over-year and 440.75 per cent since 2019
Ivanhoe Mines (TSX:IVN) has set a new production record of 45,019 tons of copper in concentrate at its Kamoa-Kakula complex in the Democratic Republic of the Congo (DRC).
The phase 1, 2 and 3 concentrators at the complex milled 1.2 million tons of ore at an average feed grade of 4.58 per cent copper. This includes an increased contribution from the recently ramped up phase-3 concentrator, which achieved an average recovery rate of 85.3 per cent in November approaching its design rate of 86 per cent.
Year-to-date production at Kamoa-Kakula to November 30, 2024, now stands at 390,061 tons of copper, a figure propelled by recent production records set in August and October.
According to a report by Benchmark Mineral Intelligence from 2023 cited in Tuesday’s news release, “Peru will almost certainly be overtaken by the DRC to the number two spot in the global ranking of top mined copper producers in 2024. We expect the DRC to produce 2.9 million tons of mined copper this year.”
Leadership insights
“Kamoa-Kakula’s production continues its acceleration into year-end, following the completion earlier this quarter of the ramp-up of the phase-3 concentrator,” Robert Friedland, Ivanhoe Mines’ founder and executive co-chairman, said in a statement. “November was another remarkable milestone with the delivery of a further 10 per cent month-on-month increase in copper production, taking the annualized production rate to approximately 550,000 tons of copper… and November was a short month of 30 days. There is more copper to come from this world-leading mining district as the growth story is only just beginning as we grow into a production capacity of 600,000 tons per annum. We are the unicorn of our industry… it was only three-and-a-half-years ago that we first produced copper from this vast, multi-generational copper complex.”
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company advancing the Kamoa-Kakula copper complex and the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, both in the DRC, as well as the tier-one Platreef palladium-nickel-platinum-rhodium-copper-gold project in South Africa. The company is also developing a portfolio of 60-100 per cent owned exploration licences in the Western Forelands.
Ivanhoe Mines stock (TSX:IVN) last traded at C$18.71 per share. The stock has added 51.62 per cent year-over-year and 440.75 per cent since 2019.
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(Top photo of Ivanhoe Mines’ Kamoa-Kakula copper complex
