Business
Ivanhoe Mines Issues First Quarter 2022 Financial Results, as Well as Review of Mine Construction and Exploration Activities
Kamoa-Kakula Copper Mining Complex in the Democratic Republic of Congo sold 51,919 tonnes of ...
About this update from Ivanhoe Mines Ltd. Class A
[{"type":"text","content":"Ivanhoe Mines Issues First Quarter 2022 Financial Results, as Well as Review of Mine Construction and Exploration ActivitiesKamoa-Kakula Copper Mining Complex in the Democratic Republic of Congo sold 51,919 tonnes of payable copper and recognized record revenue of $519.6 million in Q1 2022The Kamoa-Kakula joint venture recorded record EBITDA of $399.4 million, and operating profit of $380.5 million for Q1 2022Kamoa-Kakula's cost of sales total $1.08 per pound of payable copper in Q1 2022, with C1 cash costs trending towards lower end of 2022 guidance at $1.21 per poundKamoa-Kakula Phase 2 offtake agreements concludedRegional exploration drill campaign commences at the Western Foreland Copper Project in the Democratic Republic of CongoKamoa-Kakula positioned to be the world's third-largest copper producer by Q4 2024, with projected annualized copper output of approximately 600,000 tonnesIvanplats completes Platreef's Shaft 1 changeover to a production shaft, commences lateral mine development toward Flatreef orebody Toronto, Ontario--(Newsfile Corp. - May 10, 2022) -  Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) today announced its financial results for the three months ended March 31, 2022. The first quarter was highlighted by many important milestones, including: the early declaration of Phase 2 commercial copper production at the Kamoa-Kakula Mining Complex; the commencement of lateral mine development toward the high-grade Flatreef platinum-group-metals orebody at Platreef; a new agreement to return the ultra-high-grade Kipushi Zinc Mine to commercial production; and the initiation of an extensive regional drilling program at the Western Foreland Copper Exploration Project. All figures are in U.S. dollars unless otherwise stated. HIGHLIGHTS Ivanhoe Mines recorded a profit of $21.5 million for Q1 2022, compared to a profit of $20.4 million for the same period in 2021. Ivanhoe Mines' share of profit from the Kamoa-Kakula copper joint venture and finance income therefrom totaling $115.4 million, were the principal contributors to the profit recorded in the first quarter. The Kamoa-Kakula Mining Complex set a new quarterly production record during the period, with 55,602 tonnes of copper in concentrate produced. Commercial production from the Phase 2 concentrator was declared on April 7, 2022.A de-bottlenecking program is underwa...