- Ivanhoe Mines (TSX:IVN) produced 40,347 tons of copper in concentrate in August at its Kamoa-Kakula complex in the Congo, setting a monthly record
- The company states it’s on track with ramping up Kamoa-Kakula’s phase-3 concentrator to steady-state production and achieving 2024 guidance of between 440,000 and 490,000 tons of copper
- Ivanhoe Mines is a Canadian mining company advancing three projects in southern Africa while exploring 1,808 square kilometres of highly prospective, 60-100-per-cent-owned licenses
- Ivanhoe Mines stock has added 35.28 per cent year-over-year and 366.19 per cent since 2019
Ivanhoe Mines (TSX:IVN) produced 40,347 tons of copper in concentrate in August at its Kamoa-Kakula complex in the Congo, setting a monthly record.
This is in addition to records of 1.1 million tons milled during the month and combined daily production of 2,096 tons of copper on Aug. 31 from Kamoa-Kalula’s phase 1, 2 and 3 concentrators, including 1,760 tons of copper from the phase 1 and 2 concentrators, which was also a record.
Ivanhoe states it’s on track with ramping up the phase-3 concentrator to steady-state production, reaching a 77 per cent recovery rate and 350,000 tons of ore milled in August, including an average daily milling rate near the nameplate annualized processing rate of 5 million tons by month-end, with room to exceed it.
The phase-3 concentrator’s last step before achieving steady-state production involves the commissioning of fine-grinding mills, which are expected to increase the recovery rate to the nameplate target of 86 per cent in the coming days.
August also saw Ivanhoe increase on-site backup power generation capacity to 135 MW – after the addition of 72 MW of generators delivered to site in July – allowing Kamoa-Kakula to operate the phase 1 and 2 concentrators at full capacity without relying on the electrical grid should the need arise.
Kamoa-Kakula has produced about 263,000 tons of copper year to date, with management expecting it to “continue its recent run of production records and achieve its 2024 guidance of between 440,000 and 490,000 tons of copper,” according to Wednesday’s news release.
About Ivanhoe Mines
Ivanhoe is a Canadian mining company advancing three projects in southern Africa: the Kamoa-Kakula copper complex in the Congo, the tier-one Platreef palladium-nickel-platinum-rhodium-copper-gold project in South Africa, and the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the Congo. The company is also exploring 1,808 square kilometres of highly prospective, 60-100-per-cent-owned licenses with known discoveries adjacent to Kamoa-Kakula.
Ivanhoe Mines stock (TSX:IVN) is up by 0.55 per cent, trading at C$16.41 per share as of 10:11 am ET. The stock has added 35.28 per cent year-over-year and 366.19 per cent since 2019.
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(Top photo of Ivanhoe Mines’ phase-3 concentrator at its Kamoa-Kakula project in the Congo: Ivanhoe Mines)