- Ivanhoe Mines (IVN) reports record profit with its newly released quarterly results
- Its overall profit for last year stood at US$434 million, compared to the US$45 million profit from 2021
- Most of this increase can be attributed to IVN’s Kamoa-Kakula copper complex, where copper sales brought in a revenue of US$2.5 billion
- IVN is also advancing its three other mining and exploration projects in Africa to support its production growth
- Ivanhoe Mines (IVN) is up 0.43 per cent trading at $11.15 per share as of 2:05 p.m. ET
Ivanhoe Mines (IVN) reported record profit with its newly released quarterly results.
The company stated its overall profit for last year stood at US$434 million, compared to the US$45 million profit from 2021. Most of this increase can be attributed to IVN’s Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC), where it sold 323,733 tonnes of copper during the year for a record revenue of US$2.5 billion.
Furthermore, during the company’s fourth fiscal quarter, it managed to sell 92,208 tonnes of copper for US$637 million from the complex, which only started production in the summer of 2021. According to IVN, its adjusted EBITDA was US$489 million for 2022 and US$162 million for Q4 2022, which again was largely supported by production at Kamoa-Kakula.
Additionally, the company’s de-bottlenecking program of Kamoa-Kakula’s phase one and two concentrators has been completed ahead of schedule and increased its production capacity to 450,000 tonnes of copper annually. The following phase three program is now on schedule to expand the site even more by 2024.
Other advancements driving growth
In other news, IVN is also advancing its three other mining and exploration projects in Africa: the Platreef, Kipushi, and Western Foreland projects.
For the Western Foreland project, a 2023 copper exploration program has been budgeted for roughly $19 million and includes up to 70,000 metres of drilling which will include a resource estimate and subsequent preliminary economic assessment.
IVN has also started a study at its Platreef mine to potentially accelerate production and estimates a first concentrate from the project in the second half of 2024.
Lastly, development at Kipushi’s zinc orebody is moving forward, and the company expects the first concentrate later in 2024 as well.
Ivanhoe Mines (IVN) is up 0.43 per cent trading at $11.15 per share as of 2:05 p.m. ET.