Business
Ivanhoe Mines Issues 2024 First Quarter Financial Results, and Overview of Construction and Exploration Activities
Kamoa-Kakula sold 85,155 tonnes of payable copper during the quarter and recognized revenue of $6...
About this update from Ivanhoe Mines Ltd. Class A
[{"type":"text","content":"Ivanhoe Mines Issues 2024 First Quarter Financial Results, and Overview of Construction and Exploration ActivitiesKamoa-Kakula sold 85,155 tonnes of payable copper during the quarter and recognized revenue of $618 million, as well as EBITDA of $365 millionIvanhoe Mines recorded Q1 2024 loss of $69 million, primarily as a result of non-cash loss on convertible bonds due to 26% quarterly share price increase; normalized profit of $70 million and adjusted EBITDA of $126 millionKamoa-Kakula produced 86,203 tonnes of copper in Q1 2024; annual production guidance for Kamoa-Kakula maintained at between 440,000 to 490,000 tonnes of copperKamoa-Kakula's quarterly cost of sales total $1.50/lb. of payable copper; C1 cash cost of $1.57/lb. towards the lower end of guidancePre-commissioning of Kamoa-Kakula's new 5 million-tonne-per-annum Phase 3 concentrator underway, well ahead of schedule, with first ore imminentKamoa-Kakula secures 15 MW of imported grid power to offset DRC grid instability, significantly improving production in April; with a further 40 MW expected from tomorrow, May 1Pre-commissioning of Kipushi zinc concentrator underway ahead of schedule, with first ore in June; expected to produce over 270,000 tonnes as one of the world's largest zinc minesIvanhoe Mines completed approx. 17,000 metres of diamond drilling in the Western Forelands during the quarter, focused on expanding the high-grade Kitoko copper discoveryJohannesburg, South Africa--(Newsfile Corp. - April 30, 2024) - Ivanhoe Mines' (TSX: IVN) (OTCQX: IVPAF) President Marna Cloete and Chief Financial Officer David van Heerden are pleased to present the company's financial results for the three months ended March 31, 2024. Ivanhoe Mines is a leading Canadian mining company that is advancing its four principal mining and exploration projects in Southern Africa: the expansion of the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC), which is expected to be the third largest copper mine globally; the phased development of the Platreef palladium, nickel, platinum, rhodium, copper and gold project in South Africa, which is the world's largest undeveloped precious metals project and one of the largest nickel sulphide deposits; the restart of the historic Kipushi zinc-copper-lead-germanium mine in the DRC, which is expected to be one of the largest zinc m...