- Ivanhoe Mines Ltd.’s (IVN) Kamoa-Kakula mining complex has set a new monthly production record with 29,800 tonnes of copper concentrate
- Kamoa-Kakula’s Phase 1 and Phase 2 plants milled a record 660,000 tonnes of ore
- The mine’s management team predicts it can deliver its copper production guidance of up to 340,000 tonnes for this year
- If the plants reach Ivanhoe’s forecast next year, Kamoa-Kaluka may end up as the fourth largest copper producer in the world
- Ivanhoe Mines (IVN) is up 3.80 per cent trading at $10.66 per share as of 2:20 p.m. ET
Ivanhoe Mines Ltd.’s (IVN) Kamoa-Kakula mining complex has set a new monthly production record with 29,800 tonnes of copper concentrate.
According to the company, Kamoa-Kakula’s Phase 1 and Phase 2 plants milled a record 660,000 tonnes of ore for an annualized run rate of approximately 8 million tonnes per year. It expects the average feed grades to trend with its long-term projections as Phase 2 establishes steady-state design capacity.
The mine’s management team is predicting that with the accelerated ramp-up of Phase 2, it will be able to deliver in the upper end of its 2022 copper production guidance of 290,000 to 340,000 tonnes.
The company is expecting both plants to be operating at a throughput of 9.2 million tonnes of ore per year by next year, which will increase Kamoa-Kakula’s annual copper production to more than 450,000 tonnes. Ivanhoe informed that if this were to happen then the complex would be ranked as the world’s fourth-largest copper producer.
“Kamoa Copper’s accomplishments also demonstrate the great potential and strategic importance of the Democratic Republic of Congo as we electrify the world economy, which will require an historic quantity of copper and many other vital metal” Robert Friendland, Executive Chairman and Director of Ivanhoe Mines, said.
Ivanhoe stated that the Phase 1 3.8-million-tonne-per-annum concentrator plant has consistently exceeded projections by about 15 per cent.
The Phase 2 3.8 million-tonne-per-annum concentrator plant began production in April. Ivanhoe reports its larger plant is now operating at comparable throughputs and recoveries to the Phase 1 plant.
Ivanhoe Mines Ltd. (IVN) is up 3.80 per cent trading at $10.66 per share as of 2:20 p.m. ET.