Business
Ivanhoe Mines Issues Third Quarter 2022 Financial Results, and Review of Mine Construction and Exploration Activities
Kamoa-Kakula Mining Complex in the Democratic Republic of Congo sold a record 93,812 tonnes o...
About this update from Ivanhoe Mines Ltd. Class A
[{"type":"text","content":"Ivanhoe Mines Issues Third Quarter 2022 Financial Results, and Review of Mine Construction and Exploration ActivitiesKamoa-Kakula Mining Complex in the Democratic Republic of Congo sold a record 93,812 tonnes of payable copper and recognized revenue of $460 million in Q3 2022Kamoa-Kakula recorded $940 million in EBITDA for the nine months ended September 30Kamoa-Kakula's cost of sales total $1.05 per pound of payable copper during the third quarter, with C1 cash costs of $1.43 per poundOver the first nine months of 2022, Kamoa-Kakula milled approximately 5.1 million tonnes of ore at a 5.6% copper grade, to produce 240,736 tonnes of copperDuring September and October, Kamoa-Kakula's annualized production rate exceeded 400,000 tonnes of floated and filtered copperIvanhoe Mines further increases the lower end of Kamoa-Kakula's 2022 production guidance range to between 325,000 and 340,000 tonnes of copper in concentrate Johannesburg, South Africa--(Newsfile Corp. - November 14, 2022) - 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 nine months ended September 30, 2022. Ivanhoe Mines is a leading Canadian mining company developing and operating its four principal mining and exploration projects in Southern Africa: expanding the operations of the world-class Kamoa-Kakula Mining Complex in the Democratic Republic of Congo (DRC); building the tier-one Platreef palladium, rhodium, nickel, platinum, copper and gold development in South Africa; restarting the historic, ultra-high-grade Kipushi zinc-copper-lead-germanium mine in the DRC; as well as exploring the expansive exploration licences of Ivanhoe's Western Foreland for copper discoveries adjacent to Kamoa-Kakula. All figures are in U.S. dollars unless otherwise stated.HIGHLIGHTSThe Kamoa-Kakula Mining Complex produced 97,820 tonnes of copper in concentrate during the third quarter of 2022, up from 87,314 tonnes in Q2 2022 and 55,602 tonnes in Q1 2022. Kamoa-Kakula has produced approximately 274,115 tonnes of copper year-to-date as of October 31, 2022. During the third quarter, Kamoa-Kakula sold 93,812 tonnes of payable copper and recognized revenue of $460.5 million, with an operating profit of $222.8 million and an EBITDA of $254.4 million.Kamoa-Kakula's...