Business
Ivanhoe Mines Issues 2022 Fourth Quarter and Annual Financial Results, plus Overview of Construction and Exploration Activities
Kamoa-Kakula Copper Complex sold 323,733 tonnes of payable copper in 2022 and recognized record a...
About this update from Ivanhoe Mines Ltd. Class A
[{"type":"text","content":"Ivanhoe Mines Issues 2022 Fourth Quarter and Annual Financial Results, plus Overview of Construction and Exploration ActivitiesKamoa-Kakula Copper Complex sold 323,733 tonnes of payable copper in 2022 and recognized record annual revenue of $2.15 billion and record EBITDA of $1.39 billionIvanhoe Mines recognized a record profit of $434 million in 2022, driven by record income from the Kamoa-Kakula joint venture of $405 millionKamoa-Kakula's 2022 cost of sales total $1.09 per lb. of payable copper; C1 cash costs of $1.39 per lb. within guidanceKamoa-Kakula sold 92,208 tonnes of payable copper in Q4 2022 for record quarterly revenue of $673 million and record EBITDA of $451 million at a margin of 67%Kamoa-Kakula's Phase 3 expansion on target for Q4 2024 completion; increasing copper production to a ten-year average of 620,000 tonnes per annum, at C1 cash cost of $1.22/lb.Ivanhoe Mines commences optimization work to accelerate Phase 2 expansion of the Tier-One Platreef palladium, nickel, platinum, rhodium, copper and gold mine in South Africa; Phase 1 on target for first production in Q3 2024Construction ongoing at ultra-high-grade Kipushi zinc-copper-germanium-silver mine; on track for Q3 2024 productionJohannesburg, South Africa--(Newsfile Corp. - March 13, 2023) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) today announced its financial results for the year ended December 31, 2022. Ivanhoe Mines is a leading Canadian mining company that is advancing its four principal mining and exploration projects in Southern Africa: the Phase 3 expansion of the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC) that commenced commercial operations in July 2021; the construction of the Platreef palladium, nickel, platinum, rhodium, copper and gold project in South Africa, scheduled for first production in the third quarter of 2024; the restart of the historic Kipushi zinc-copper-lead-germanium mine in the DRC, also scheduled for first production in the third quarter of 2024; and the exploration for new copper discoveries on Ivanhoe's 2,407-square-kilometre Western Foreland exploration project, which is adjacent to Kamoa-Kakula. All figures are in U.S. dollars unless otherwise stated.FINANCIAL HIGHLIGHTSIvanhoe Mines reported a record profit of $434 million for 2022, compared with a profit of $45 million for 2021. Ivanhoe's profi...