Canada-headquartered miner Ivanhoe Mines achieved a profit of $108-million for the third quarter ended September 30, an increase on the $67-million reported for the previous quarter.
Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter were $160-million, a decrease from the $203-million in the previous quarter.
The company’s Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC) produced a record 116 313 t of copper in the quarter, and 303 328 t of copper in the year-to-date.
Kamoa-Kakula also sold a record 103 106 t of payable copper in the quarter and recognised record quarterly revenue of $828-million and Ebitda of $470-million.
Kamoa-Kakula’s quarterly cost of sales total $1.80/lb of payable copper and C1 cash cost of $1.69/lb, with costs increased by the Phase 3 expansion ramp-up.
Kamoa-Kakula’s year-to-date C1 cash cost of $1.6/lb is in line with the midpoint of yearly guidance.
Kamoa-Kakula’s 500 000 t/y on-site, direct-to-blister copper smelter is advancing on schedule with construction completion expected by the end of the year and heat-up to start in the first quarter of 2025.
The Phase 3 concentrator achieved steady-state production after quarter-end, with milling rates regularly exceeding nameplate capacity, the company highlights.
“Kamoa-Kakula has reached a major milestone with the ramp-up of the Phase 3 expansion. Phase 3 provides steady-state milling capacity of 600 000 t of copper per annum. We have reached the top tier of the world’s most significant copper complexes, which at every phase were delivered ahead of schedule … a true rarity in our industry,” co-chairperson and founder Robert Friedland comments.
“Africa’s largest and greenest copper smelter is nearing construction completion this year. The smelter will reduce cash costs and improve profitability. With capital expenditures largely behind us at Kamoa-Kakula, we look forward to a period of strong profit and free cash flow, even as we continue to advance further copper growth initiatives on the joint venture.
“We expect 2025 to be a banner year as we deliver these significant production milestones, as well as advance our industry-leading exploration efforts in the Western Forelands, which continue to deliver some of the world’s most significant, Tier 1 copper discoveries,” he adds.
The Kipushi zinc/copper/lead/germanium mine in the DRC produced 17 817 t of zinc in concentrate during ramp-up in the quarter and export of concentrates started.