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Ivanhoe Mines Issues Q3 2021 Financial Results and Review of Operations, Mine Construction and Exploration Progress
Ivanhoe Mines records a profit of $85.4 million in Q3 Kamoa-Kakula Copper Mine achieved Ph...
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[{"type":"text","content":"Ivanhoe Mines Issues Q3 2021 Financial Results and Review of Operations, Mine Construction and Exploration ProgressIvanhoe Mines records a profit of $85.4 million in Q3Kamoa-Kakula Copper Mine achieved Phase 1 commercial production on July 1, 2021More than 77,500 tonnes of copper produced year-to-date; copper production guidance for 2021 raised to 92,500 to 100,000 tonnesKamoa-Kakula sold 41,490 tonnes of payable copper and recognized revenue of $342.6 million in Q3, with an inaugural operating profit of $209.7 million and EBITDA of $233.2 millionKamoa-Kakula's Phase 2 expansion to begin operations in Q2 2022, doubling the mine's projected annual copper production to approximately 400,000 tonnes Excellent progress on all-weather road and geophysical surveys on Ivanhoe's Western Foreland exploration projectExtensive drilling program on Western Foreland to continue in 2022 Development of the world-scale Platreef palladium, rhodium, platinum, nickel, copper and gold project in South Africa making rapid progress; first production expected in 2024Toronto, Ontario--(Newsfile Corp. - November 15, 2021) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) today announced its financial results for the three and nine months ended September 30, 2021. This quarter marks the first quarter of commercial production at the company's Kamoa-Kakula Copper joint-venture in the Democratic Republic of Congo (DRC).Ivanhoe Mines also is advancing development of the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa, which is scheduled to begin production in 2024, and is upgrading the historic Kipushi zinc-copper-lead-germanium mine, also in the DRC, for a resumption of production. Ivanhoe also is exploring for new copper discoveries on its Western Foreland exploration licences in the DRC, near the Kamoa-Kakula Project. All figures are in U.S. dollars unless otherwise stated. Watch a new video highlighting Kamoa-Kakula's Q3 operational and financial achievements: https://vimeo.com/645848726/9d4de9d7d6HIGHLIGHTSThe Kamoa-Kakula Project began producing copper in May 2021 and achieved commercial production on July 1, 2021. Production for the third quarter was 41,545 tonnes of copper in concentrate, with year-to-date production of more than 77,500 tonnes as of November 15, 2021.The initial 2021 production guidance range for copper in conc...