Outperform rating by BMO following K-K production results... BMO Capital Markets on Tuesday reiterated its outperform rating on the shares of Ivanhoe Mines (IVN.TO) and its C$16.50 price target after the company released 2022 production results and 2023 guidance for its Kamoa-Kakula Mining Complex in the Democratic Republic of Congo.
" Kakula/Kamoa produced 333,497t of copper in 2022, achieving near the top of its original guidance of 290-340kt. Q4 production of 92,761t was moderately below our expectation of 101kt due to power disruptions in Q4. Ivanhoe announced 2023 production guidance of 390-430kt, emphasizing the continued growth expected at the mine even while Phase 3 is still in development.
Debottlenecking is expected to be finished in early Q2, and Phase 1 and 2 continue to operate reliably above design capacity. Cost and capex guidance will be released the week of January 30," analyst Andrew Mikitchook wrote.