Business
Ivanhoe Mines Issues Second Quarter 2024 Financial Results, and Review of Construction and Exploration Activities
Ivanhoe Mines announces quarterly profit of $67 million and record quarterly normalized profit of...
About this update from Ivanhoe Mines Ltd. Class A
[{"type":"text","content":"\nIvanhoe Mines Issues Second Quarter 2024 Financial Results, and Review of Construction and Exploration ActivitiesIvanhoe Mines announces quarterly profit of $67 million and record quarterly normalized profit of $115 million, driven by income from the Kamoa-Kakula joint venture of $90 million Ivanhoe Mines reports record Adjusted EBITDA of $203 million for Q2 2024, compared with $126 million for Q1 2024Kamoa-Kakula Copper Complex sold 95,900 tonnes of payable copper in Q2 2024 and recognized record quarterly revenue of $817 million and record EBITDA of $547 millionKamoa-Kakula's quarterly cost of sales total $1.53 per lb. of payable copper; C1 cash costs of $1.52 per lb. at the lower end of guidanceKamoa-Kakula's Phase 3 concentrator expansion completed ahead of schedule, boosting annualized production to approx. 600,000 tonnes copperSmelter project over 85% advanced and on schedule for construction completion by the end of 2024On July 28, Kamoa-Kakula produced a daily record of 1,614 tonnes of copper, following 16,703 tonnes of ore milled at the Phase 3 concentrator, exceeding nameplate by 19%Kipushi concentrator completed ahead of schedule, with ramp-up to steady-state operations underway during Q3Johannesburg, South Africa--(Newsfile Corp. - July 31, 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 and six months ended June 30, 2024. Ivanhoe Mines is a leading Canadian mining company developing and operating its four principal mining and exploration projects in Southern Africa: expanding production at the world-class Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC); ramping-up the ultra-high-grade Kipushi zinc-copper-lead-germanium mine in the DRC; building the tier-one Platreef palladium, rhodium, nickel, platinum, copper and gold development in South Africa; as well as exploring and advancing the expansive exploration licenses of Ivanhoe's Western Forelands project, which currently hosts the Makoko, Kitoko, and Kiala copper discoveries near Kamoa-Kakula. All figures are in U.S. dollars unless otherwise stated.Watch a July 2024 video highlighting Ivanhoe Mines' financial results, as well as construction and exploration activities: https://vimeo.com/991739402/081b...