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Ivanhoe Mines Issues Second Quarter 2022 Financial Results, and Review of Mine Construction and Exploration Activities
Ivanhoe Mines reports record profit of $351.5 million for Q2 2022 Kamoa-Kakula Mining Comp...
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[{"type":"text","content":"Ivanhoe Mines Issues Second Quarter 2022 Financial Results, and Review of Mine Construction and Exploration ActivitiesIvanhoe Mines reports record profit of $351.5 million for Q2 2022Kamoa-Kakula Mining Complex in the Democratic Republic of Congo sold record 85,794 tonnes of payable copper and recognized revenue of $494.1 million in Q2 2022Kamoa Copper's cost of sales total $1.15 per pound of payable copper during the second quarter, with C1 cash costs of $1.42 per poundOver the first half of 2022, Kamoa-Kakula milled approximately three million tonnes at 5.59% copper, and produced 142,916 tonnes of copperKamoa-Kakula produced record 32,877 tonnes of copper in July for an annualized production rate of 387,100 tonnes of copperPlatreef underground mining advancing well, with more than 200 metres of lateral development completed during the quarter Johannesburg, South Africa--(Newsfile Corp. - August 15, 2022) -  Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) President Marna Cloete and Chief Financial Officer David van Heerden are pleased to announce the financial results for the three and six months ended June 30, 2022. Ivanhoe Mines is a leading Canadian mining company developing and expanding its four principal mining and exploration projects in Southern Africa: the Kamoa-Kakula Mining Complex in the Democratic Republic of Congo (DRC), which commenced commercial production in July 2021; the Platreef palladium, rhodium, nickel, platinum, copper and gold discovery in South Africa; the historic Kipushi zinc-copper-lead-germanium mine in the DRC; and the expansive exploration program for new copper discoveries on Ivanhoe's Western Foreland exploration licences, near Kamoa-Kakula. All figures are in U.S. dollars unless otherwise stated.HIGHLIGHTSIvanhoe Mines recorded a profit of $351.5 million for Q2 2022, compared to a loss of $108.6 million for the same period in 2021. The profit in the quarter includes Ivanhoe Mines' share of profit and finance income from the Kamoa-Kakula joint venture of $84.6 million.Kamoa-Kakula set a new quarterly production record during the period, with 87,314 tonnes of copper in concentrate produced. Commercial production from the Phase 2 concentrator was declared on April 7, 2022.Ivanhoe Mines increases the lower end of its 2022 production guidance range for Kamoa-Kakula to between 310,000 and 340,000 ...