Ivanhoe Mines Provides 2024 Production Results, 2025 Production Guidance
Ivanhoe Mines reported record copper production from its Kamoa-Kakula complex, reaching 437,061 tonnes of copper in concentrate for 2024, a 12% year-over-year increase. The fourth quarter saw record production of 133,819 tonnes, up 15% from Q3, with December achieving a monthly record of 47,058 tonnes.
The company's Kipushi mine produced 50,307 tonnes of zinc in concentrate during 2024, including a record 14,900 tonnes in December. For 2025, Kamoa-Kakula's production guidance is set at 520,000-580,000 tonnes of copper, while Kipushi targets 180,000-240,000 tonnes of zinc.
A recent fire damaged 36 MW of backup power generation at Kamoa-Kakula, which may delay smelter commissioning by up to three months. The company has signed offtake agreements with CITIC Metal and Gold Mountains for 80% of the smelter's copper anode production, securing a $500 million advance payment facility.
Ivanhoe Mines ha riportato una produzione record di rame dal suo complesso Kamoa-Kakula, raggiungendo 437.061 tonnellate di rame in concentrato per il 2024, con un aumento del 12% rispetto all'anno precedente. Nel quarto trimestre, la produzione ha raggiunto un livello record di 133.819 tonnellate, in crescita del 15% rispetto al Q3, con dicembre che ha registrato un record mensile di 47.058 tonnellate.
La miniera di Kipushi ha prodotto 50.307 tonnellate di zinco in concentrato durante il 2024, tra cui un record di 14.900 tonnellate a dicembre. Per il 2025, le previsioni di produzione di Kamoa-Kakula sono fissate tra 520.000 e 580.000 tonnellate di rame, mentre Kipushi punta a produrre tra 180.000 e 240.000 tonnellate di zinco.
Un recente incendio ha danneggiato 36 MW di generazione di energia di riserva a Kamoa-Kakula, il che potrebbe ritardare la messa in servizio della fonderia fino a tre mesi. L'azienda ha firmato contratti di fornitura con CITIC Metal e Gold Mountains per l'80% della produzione di anodi di rame della fonderia, assicurandosi una struttura di pagamento anticipato di 500 milioni di dollari.
Ivanhoe Mines reportó una producción récord de cobre en su complejo Kamoa-Kakula, alcanzando 437.061 toneladas de cobre en concentrado para 2024, un aumento del 12% con respecto al año anterior. En el cuarto trimestre, se produjo un récord de 133.819 toneladas, un incremento del 15% respecto al Q3, con diciembre logrando un récord mensual de 47.058 toneladas.
La mina Kipushi produjo 50.307 toneladas de zinc en concentrado durante 2024, incluyendo un récord de 14.900 toneladas en diciembre. Para 2025, la guía de producción de Kamoa-Kakula está establecida entre 520.000 y 580.000 toneladas de cobre, mientras que Kipushi tiene como objetivo producir entre 180.000 y 240.000 toneladas de zinc.
Un reciente incendio dañó 36 MW de generación de energía de respaldo en Kamoa-Kakula, lo que podría retrasar la puesta en marcha de la fundición hasta tres meses. La empresa ha firmado acuerdos de compra con CITIC Metal y Gold Mountains por el 80% de la producción de anodos de cobre de la fundición, asegurando una línea de crédito de pago anticipado de 500 millones de dólares.
Ivanhoe Mines는 Kamoa-Kakula 복합단지에서 437,061톤의 구리 농축 광물 생산량을 기록하며 2024년 도달했다고 보고했습니다. 이는 전년 대비 12% 증가한 수치입니다. 4분기에는 133,819톤의 기록적인 생산량을 보였고, 이는 3분기 대비 15% 증가했으며, 12월에는 월별 기록인 47,058톤을 달성했습니다.
회사의 Kipushi 광산은 2024년 동안 50,307톤의 아연 농축 광물을 생산했으며, 이 중 14,900톤은 12월에 기록적인 생산량을 기록했습니다. 2025년을 위해 Kamoa-Kakula의 생산 지침은 520,000-580,000톤의 구리를 목표로 하고 있으며, Kipushi는 180,000-240,000톤의 아연을 목표로 하고 있습니다.
최근의 화재로 인해 Kamoa-Kakula의 백업 전력 생성기가 36MW 손상되어 연소시설 가동이 최대 3개월 지연될 수 있습니다. 회사는 CITIC Metal과 Gold Mountains와의 합작 계약을 통해 제련소의 구리 음극 생산의 80%를 확보하고, 5억 달러의 선불 지급 시설을 확보했습니다.
Ivanhoe Mines a annoncé une production record de cuivre provenant de son complexe Kamoa-Kakula, atteignant 437.061 tonnes de cuivre concentré pour 2024, soit une augmentation de 12% par rapport à l'année précédente. Le quatrième trimestre a vu une production record de 133.819 tonnes, soit une augmentation de 15% par rapport au T3, décembre ayant réalisé un record mensuel de 47.058 tonnes.
La mine de Kipushi a produit 50.307 tonnes de zinc en concentré en 2024, dont un record de 14.900 tonnes en décembre. Pour 2025, l'objectif de production de Kamoa-Kakula est fixé entre 520.000 et 580.000 tonnes de cuivre, tandis que Kipushi vise 180.000 à 240.000 tonnes de zinc.
Un incendie récent a endommagé 36 MW de génération d'énergie de secours à Kamoa-Kakula, ce qui pourrait retarder la mise en service de la fonderie de jusqu'à trois mois. L'entreprise a signé des accords d'achat avec CITIC Metal et Gold Mountains pour 80% de la production d'anodes de cuivre de la fonderie, sécurisant ainsi une facilité de paiement anticipé de 500 millions de dollars.
Ivanhoe Mines berichtete von einer Rekordproduktion von Kupfer aus dem Kamoa-Kakula-Komplex, die 2024 437.061 Tonnen Kupferkonzentrat erreichte, was einem Anstieg von 12 % gegenüber dem Vorjahr entspricht. Im vierten Quartal wurde eine Rekordproduktion von 133.819 Tonnen erzielt, was einem Anstieg von 15 % gegenüber Q3 entspricht, wobei der Dezember einen monatlichen Rekord von 47.058 Tonnen erreichte.
Die Kipushi-Mine produzierte 2024 insgesamt 50.307 Tonnen Zinkkonzentrat, darunter im Dezember einen Rekord von 14.900 Tonnen. Für 2025 liegt die Produktionsprognose von Kamoa-Kakula bei 520.000 bis 580.000 Tonnen Kupfer, während Kipushi 180.000 bis 240.000 Tonnen Zink anstrebt.
Ein jüngster Brand beschädigte 36 MW der Notstromversorgung in Kamoa-Kakula, was die Inbetriebnahme der Schmelze um bis zu drei Monate verzögern könnte. Das Unternehmen hat Abnahmeverträge mit CITIC Metal und Gold Mountains für 80 % der Kupferanodenproduktion der Schmelze unterzeichnet und sich eine Vorfinanzierungseinrichtung in Höhe von 500 Millionen US-Dollar gesichert.
- Record copper production of 437,061 tonnes in 2024, up 12% YoY
- Q4 copper production increased 15% QoQ to 133,819 tonnes
- Secured $500M advance payment facility through offtake agreements
- Kipushi achieved record zinc production of 14,900 tonnes in December
- Fire damage to backup power generation may delay smelter commissioning by 3 months
- Reduced imported power availability due to drought conditions
- Increased capital expenditure requirements for 2025
- 30,000 tonnes of unsold copper inventory at year-end, up from 16,000 tonnes in Q3
Kamoa-Kakula produced record 437,061 tonnes of copper in concentrate in 2024
Kamoa-Kakula quarterly production record of 133,819 tonnes of copper, a quarter-on-quarter increase of
Kamoa-Kakula sets 2025 production guidance at between 520,000 and 580,000 tonnes of copper
Smelter commissioning may be delayed by up to three months following limited fire damage to back up generation capacity, expedited repairs underway
Kipushi produced 50,307 tonnes of zinc in concentrate in 2024, including a monthly record 14,900 tonnes in December as ramp-up approaches nameplate capacity
Kipushi sets 2025 production guidance at between 180,000 and 240,000 tonnes of zinc
Ivanhoe Mines provides update to 2025 capital expenditure guidance
Ivanhoe Mines to issue 2024 financial results after market close on February 19, host conference call for investors on February 20
Johannesburg, South Africa--(Newsfile Corp. - January 8, 2025) - Ivanhoe Mines' (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President Marna Cloete announced today the company's fourth quarter and full-year production results for the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC) and the ultra-high-grade Kipushi zinc mine, also in the DRC. In addition, the company has announced its 2025 production guidance for Kamoa-Kakula and Kipushi, as well as updated 2025 group capital expenditure guidance.
Watch the video summarizing Kamoa-Kakula's 2024 operational highlights and future production guidance: https://vimeo.com/1044780723/a114ecda2d?share=copy
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Kamoa-Kakula delivers another record-breaking year with 437,061 tonnes of copper produced in 2024, a year-on-year increase of
Kamoa-Kakula delivered record production in 2024 of 437,061 tonnes of copper in concentrate, a
Production for the fourth quarter of 133,819 tonnes of copper in concentrate, a
Kamoa-Kakula summary of quarterly and annual production data
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | |
| Phase 1 & 2 | |||||
| Ore tonnes milled (000's tonnes) | 2,061 | 2,288 | 2,215 | 2,329 | 8,893 |
| Copper ore grade processed (%) | |||||
| Copper recovery (%) | |||||
| Copper in concentrate produced (tonnes) | 86,117 | 99,706 | 94,214 | 102,042 | 382,078 |
| Phase 3 | |||||
| Ore tonnes milled (000's tonnes) | - | 93 | 1,050 | 1,326 | 2,469 |
| Copper ore grade processed (%) | - | ||||
| Copper recovery (%) | - | ||||
| Copper in concentrate produced (tonnes) | - | 1,106 | 22,099 | 31,777 | 54,983 |
| Combined Phase 1, 2 and 3 | |||||
| Ore tonnes milled (000's tonnes) | 2,061 | 2,381 | 3,266 | 3,655 | 11,362 |
| Copper ore grade processed (%) | |||||
| Copper recovery (%) | |||||
| Copper in concentrate produced (tonnes) | 86,117 | 100,812 | 116,313 | 133,819 | 437,061 |
| Numbers in bold denote a quarterly record |
During the month of December, Kamoa-Kakula delivered record production of 47,058 tonnes of copper in concentrate. The Phase 3 concentrator milled at an annualized rate of 5.7 million tonnes per annum during the month,
Kamoa-Kakula's high- and medium-grade ore surface stockpiles totaled approximately 4.19 million tonnes at an estimated, blended average grade of
At year-end, there were approximately 30,000 tonnes of unsold copper in inventory, up from 16,000 tonnes of unsold copper in concentrate at the end of the third quarter. The inventory of unsold copper is largely undergoing toll treatment at Lualaba Copper Smelter (LCS) and is expected to reduce during the first quarter.
Figure 1: Kamoa-Kakula's monthly growth in 2024 copper production
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Figure 2: Kamoa-Kakula's total annual copper production growth since first production in May 2021.
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A limited portion of Kamoa-Kakula's on-site back up generator capacity damaged by fire; expedited repairs underway
On January 2, 2025, a fire occurred at an on-site generator bank near the Kakula operations. The fire was rapidly contained and extinguished by Kamoa-Kakula's emergency response team. There were no injuries reported, no damage to other infrastructure, and production operations were not impacted.
Prior to the fire, Kamoa-Kakula had over 190 megawatts (MW) of on-site diesel-generated back up power installed, supplementing the grid-supplied domestic and imported hydroelectric power. On-site back up power increased during the fourth quarter, following the installation of 48 MW of new diesel-generated power.
36 MW of Kamoa-Kakula's onsite, diesel-generated back up power was damaged by the recent fire. Initial estimates indicate that 34 MW, out of the total 36 MW of damaged capacity, are repairable. It will take between three and six months to return the back up units to operation. An insurance claim will be made based on existing policies in place. A full assessment of the damage is expected to be completed within the coming weeks.
Kamoa-Kakula's engineering team is conducting a full investigation into the cause of the fire to assess the need for additional preventative measures across the generator farms. In the meantime, surveillance of the back up generators has increased, including the deployment of dedicated fire crews at each bank of generators.
Approximately 160 MW of diesel-generated back up power remains available, which is distributable across the Kakula and Kamoa operating sites. Currently, Kamoa-Kakula is drawing 90 MW of domestic and imported hydropower. Kamoa-Kakula's management are in discussions to secure increased domestic and imported hydropower as soon as possible. Even in the extremely unlikely event that all grid-supplied power were to completely fail, there is sufficient onsite back up generator capacity available to run Kamoa-Kakula's Phase 1, 2, and 3 operations, excluding the smelter.
Total power required to operate the Phase 1, 2, and 3 operations, as well as the smelter at full capacity, is approximately 240 MW. Kamoa-Kakula's smelter operations team is considering delaying the heat-up of the on-site copper smelter by up to three months, while the damaged generators are being repaired or additional domestic or imported hydropower is secured.
In addition, wet commissioning of Turbine #5 at Inga II, with a hydroelectric generation capacity of 178 MW, is now expected to commence in the second quarter. Kamoa-Kakula is expected to be allocated an initial, additional 70 MW of hydropower from the grid in the second quarter, which will increase over time to 178 MW as grid improvement initiatives are completed.
The blasting and painting team from Prezioso Congo SA inside the spiral case of the new 178-MW Turbine #5 at Inga II hydroelectric facility.
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In December, the new turbine runner was lowered into place and installed inside Turbine #5 at Inga II. Wet commissioning of Turbine #5 at Inga II is expected to commence in the second quarter and will provide Kamoa-Kakula with 178 MW of clean, hydropower by year-end.
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Ivanhoe Mines exploring options for future hydropower imports from Angola
On July 4, 2024, Trafigura Group of Geneva, Switzerland and ProMarks of Luanda, Angola signed a Memorandum of Understanding (MOU) with the Government of Angola to study the technical and economic viability of building a 2,000 MW high-voltage electricity "interconnector" (a high-voltage direct current transmission line) to export surplus green electricity to the DRC Copperbelt and Zambia. The project enables electricity generated by hydroelectric dams located in the north of Angola to be connected to the Southern Africa Power Pool. A joint venture will be formed between ProMarks and Trafigura to develop, finance, construct and operate the electricity "interconnector". The project is intended to be financed through a combination of equity capital and third-party debt. Planning, approvals and construction would take around four years after the final investment decision is made.
Kipushi produced 50,307 tonnes of zinc during inaugural year, including a monthly record 14,900 tonnes in December as ramp-up approaches nameplate capacity
In 2024, the Kipushi concentrator milled 228,293 tonnes of ore at an average grade of
Following slower than anticipated ramp up progress in the third quarter, operations at the Kipushi concentrator significantly improved during the fourth quarter, with several processing records achieved. 135,285 tonnes of ore were milled at an average grade of
In addition, during the last day of the year, a record 750 tonnes of zinc were produced over 24 hours, exceeding nameplate capacity. Over the same period, 2,200 tonnes of ore were milled by the concentrator, in line with the design rate. The Kipushi concentrator is expected to consistently achieve its nameplate milling rate during the first quarter.
At the end of December, Kipushi's high- and medium-grade ore surface stockpiles totaled approximately 344,000 tonnes at an estimated average grade of
Kipushi's 800,000 tonnes per annum concentrator set several milling and production records in December 2024.
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2025 Production Guidance
Ivanhoe Mines' 2025 production guidance is based on several assumptions and estimates as of December 31, 2024. The guidance provided involves estimates of known and unknown risks, uncertainties, and other factors that may cause the actual results to differ materially.
In recent months, imported power available to Kamoa-Kakula has been reduced due to drought conditions affecting hydroelectric capacity in Zambia and Mozambique. Although the rainy season has begun, it is too early to predict the degree to which reservoirs that provide hydropower in Zambia and Mozambique will be recharged. Given this uncertainty, 2025 production guidance will be reviewed at the end of the rainy season in the second quarter.
| 2025 Production Guidance | ||
| Kamoa-Kakula | 520,000 - 580,000 | Contained copper in concentrate (tonnes) |
| Kipushi | 180,000 - 240,000 | Contained zinc in concentrate (tonnes) |
| All figures are on a | ||
Kamoa-Kakula is targeting a production rate of approximately 600,000 tonnes of copper in concentrate for 2026, following power generation and grid improvement initiatives in progress, together with optimization projects for improved Phase 1 and 2 recoveries (Project 95) and increased Phase 3 throughput underway.
Kipushi is targeting a production rate of over 250,000 tonnes of zinc in concentrate for 2026, following the completion of ramp-up and debottlenecking activities targeted for Q3 2025.
Ivanhoe Mines will provide C1 cash cost (C1) per pound of payable copper and payable zinc guidance for 2025 in its 2024 year-end financial results release. Guidance on Platreef's production and C1 cash costs will be provided after ramp-up, which is expected to commence in H2 2025.
Ivanhoe Mines provides update to 2025 Capital Expenditure Guidance
The company's updated capital expenditure guidance is summarized as follows:
| Capital Expenditure | 9M 2024 Actuals(1) | 2024 Guidance(1) | 2025 Guidance | ||||||
| ($' million) | ($' million) | ($' million) | |||||||
| Kamoa-Kakula | |||||||||
| Phase 3 and other expansion capital | 1,397 | 1,350 - 1,750 | 1,300 - 1,050 | ||||||
| Sustaining capital | 220 | 240 | 370 | ||||||
| 1,617 | 1,590 - 1,990 | 1,670 - 1,420 | |||||||
| Platreef | |||||||||
| Phase 1 initial capital | 66 | 110 - 140 | 100 - 70 | ||||||
| Phase 2 capital | 123 | 130 - 180 | 220 - 170 | ||||||
| 189 | 240 - 320 | 320 - 240 | |||||||
| Kipushi | |||||||||
| Initial and expansion capital | 185 | 185 | 25 | ||||||
| Sustaining capital | - | 35 | 40 | ||||||
| 185 | 220 | 65 |
All capital expenditure figures are presented on a
(1) As at September 30, 2024.
The guidance ranges previously provided reflected uncertainty in the timing of Kamoa-Kakula Phase 3 expansion and Platreef Phase 2 capital between the calendar years of 2024 and 2025. Guidance for 2024 has been kept unchanged and remains as at September 30, 2024, noting however that capital expenditure for Kamoa-Kakula is expected to be at the top end of the 2024 range, with sustaining capital expected to exceed guidance, and capital expenditure at Platreef is expected to be towards the bottom end of the range.
Construction of Kamoa-Kakula's Phase 3 concentrator was completed on May 26, 2024, and construction completion of the smelter project is expected imminently.
2025 capital expenditure guidance for Kamoa-Kakula as shown in the above table includes capex recently approved related to the following:
| ($' million) | |
| Smelter | |
| Increase in capital to completion, mostly related to logistics | 115 |
| Capitalized ramp up costs (not previously capitalized) | 120 |
| Uninterruptible power supply (UPS) and additional generators | 80 |
| 315 | |
| Phase 3 Optimization and Phase 4 Expansion | |
| Phase 3 mine optimization including underground infrastructure | 115 |
| Phase 3 de-bottlenecking initial capital cost | 70 |
| Phase 4 infrastructure early works and TSF expansion | 135 |
| Surface upgrades, including tarred roads and on-site camps | 60 |
| 320 | |
| Sustaining Capital | |
| Increase to support enlarged mining footprint | 105 |
The Kamoa-Kakula's Phase 1, 2, and 3 operations are anticipated to generate significant operating cash flow and are expected, together with joint venture-level financing facilities, to be sufficient to fund ongoing capital cost requirements at current copper prices.
Construction of Platreef's Phase 1 concentrator was completed on schedule in July 2024. Hot commissioning and ramp-up of production are deferred to the second half of 2025. Platreef's 2024 capital expenditure guidance in the above table is unchanged, the 2025 guidance is provisional and will be updated upon the completion of the updated Feasibility Study later in Q1 2025. The 2025 capital expenditure is expected to remain within the range outlined in the above table.
Construction of the Kipushi concentrator facility is complete and is ramping up to nameplate production. Kipushi's 2025 capital expenditure guidance increases by
Ivanhoe Mines will provide 2026 capital expenditure guidance in its 2024 year-end financial results.
Kamoa-Kakula signs offtake agreement and advanced payment facility for copper anodes produced by the on-site smelter
CITIC Metal Limited and Gold Mountains International Mining Company Limited, a subsidiary of Zijin Mining, have each signed an offtake agreement with Kamoa Copper for a combined
CITIC Metal and Gold Mountains will purchase the copper anodes on a free-carrier (FCA) basis from Kamoa-Kakula's mine gate. CITIC have elected to use Ivanhoe's trading subsidiary to arrange the inland transportation of copper anodes to the port of loading in Africa.
In addition, under the offtake agreements, CITIC Metal and Gold Mountains have provided an advance payment facility of
Kamoa Copper is also in advanced discussions to sign a third offtake agreement for the remaining
Construction completion of the onsite copper smelter is expected imminently. Offtake agreements for
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Kamoa-Kakula 2025 Integrated Development Plan, including future growth initiatives such as Project 95, Phase 3 debottlenecking, and Phase 4 expansion, expected in Q2 2025
Following the last Integrated Development Plan, released on January 30, 2023, Kamoa's engineering team is working on an updated 2025 Integrated Development Plan (2025 IDP), expected to be published in Q2 2025 The 2025 IDP will include initiatives targeting increased processing recoveries and processing throughput from the Phase 1, 2, and 3 concentrators, as well as a new Phase 4 expansion.
Kamoa's engineering team is targeting to increase recovery rates of the Phase 1 and 2 concentrators and the Phase 3 concentrator, from the current nameplate rates of
The Phase 4 expansion involves doubling the size of the milling and flotation circuit adjacent to Phase 3. Like the Phase 2 expansion with Phase 1, the front-end crushing circuit installed for Phase 3 has already been oversized to accommodate Phase 4.
Phase 4 will be fed by ramping up new mining areas on the Kamoa-Kakula complex, timing of which is under study for the 2025 IDP.
Updated feasibility study for optimized Platreef Phase 2 and PEA for new Phase 3 expected in Q1 2025, ranking Platreef as one of the world's largest producers of precious and base metals
In 2023, Ivanhoe's engineering team completed an internal optimization study of the phased expansion of the Platreef Project. Current underground development and operations are dependent on the initial 1-Mtpa Shaft #1 until the 10-metre-diameter, 8-Mtpa Shaft #2 is commissioned. The study concluded that accelerating the startup of Phase 2 will create significant project value.
Following the completion of the optimization study, DRA Global of Johannesburg, South Africa, were appointed to update the Platreef 2022 Feasibility Study for the optimized and accelerated Phase 2 expansion. Study work is nearing completion, with results expected to be released in the first quarter of 2025.
In parallel with the release of the updated Phase 2 feasibility study, Ivanhoe also commissioned a preliminary economic assessment (PEA) for an additional expansion, Phase 3, taking the total Platreef processing capacity up to approximately 10 Mtpa. The new Phase 3 expansion is expected to consist of two additional 3.3-Mtpa concentrator modules, to be located adjacent to the Phase 1 and 2 concentrators. Phase 3 is anticipated to rank Platreef as one of the world's largest and lowest-cost platinum-group metal, nickel, copper and gold producers. The 10-Mtpa concentrator capacity of the Phase 3 expansion will be 12.5 times greater than that of Phase 1 and 2.5 times greater than the processing capacity of the optimized Phase 2 expansion. The results of the Phase 3 PEA will be released at the same time as the updated feasibility study for Phase 2.
Ivanhoe Mines completes successful trial shipments along the Lobito Atlantic Railway Corridor
In February 2024, a Reserved Capacity Agreement term sheet was signed between Kamoa Copper and the Lobito Atlantic Railway outlining the allocation for transporting Kamoa-Kakula's copper products along the Lobito Atlantic Railway Corridor. The term sheet allocates Kamoa-Kakula between 120,000 and 240,000 tonnes per annum over a minimum five-year term from 2025, following the completion of trial shipment period of 10,000 tonnes during 2024. The trail shipment period, which was first announced on August 16, 2023, was subsequently extended up to 20,000 tonnes on April 30, 2024.
Lobito Atlantic Railway is the consortium awarded with a 30-year concession for railway services and supports logistics on the Lobito Atlantic Railway Corridor. It is comprised of leading global commodities trading group Trafigura Pte Ltd., of the Republic of Singapore, Mota-Engil Engenharia e Construcao Africa SA, of Porto, Portugal, and Vecturis SA, of Brussels, Belgium. The consortium has committed to invest
On December 3, 2024, the United States government announced over
The Lobito Atlantic Railway plans to ramp up the annualized capacity from 160,000 tonnes in 2025 to 2 million tonnes by the end of the decade. This is equivalent to six fully-laden train-loads per day. During the trial shipment period, year-to-date the average journey time between Kolwezi and Lobito has taken between 6 and 8 days, compared with 20-25 days trucking to Durban, South Africa. Cycle times are expected to further improve as capacity ramps up, with the consortium targeting the westbound journey to reduce to between 3.5 and 4 days.
In addition, Trafigura estimates that greenhouse gas (GHG) emissions transporting from Kolwezi 1,716 kilometers via rail to the port of Lobito in Angola, compared with trucking 3,000 kilometers to the port of Durban, are significantly reduced. Initial measurements indicate that diesel consumption per tonne of delivered copper to port have fallen from 37.50 litres (Kolwezi to Durban) to 12.46 litres (Kolwezi to Lobito), reducing emissions, including sea freight, by
Figure 3: Map of Kamoa-Kakula and Western Foreland licences, existing local road and rail infrastructure, as well as the future rail spur connecting the Lobito Corridor to Kamoa-Kakula.
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Figure 4: Map of export routes currently used by Kamoa-Kakula in red, as well as the Lobito Corridor route in orange. Logistics costs currently account for ~
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The first train of the trial shipment of copper concentrate, carrying over 600 tonnes across 16 wagons, arrived at the Atlantic Ocean port of Lobito, Angola.
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Ivanhoe Mines to issue 2024 financial results after market close on February 19 and host conference call for investors on February 20
Ivanhoe Mines will report its Q4 and full-year 2024 financial results, and a detailed update on its operations, after market close on Wednesday, February 19, 2025.
The company plans to hold an investor conference call to discuss the full-year 2024 financial results the following day on Thursday, February 20, 2025. Details of the call will be shared closer to the date.
An audio webcast recording of the conference call, together with supporting presentation slides, will be available on Ivanhoe Mines' website at www.ivanhoemines.com.
After issuance, the Financial Statements and Management's Discussion and Analysis will be available at www.ivanhoemines.com and www.sedarplus.ca.
Qualified Persons
Disclosures of a scientific or technical nature at the Kamoa-Kakula Copper Complex and the Kipushi Project, other than stockpiles, in this news release have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is Ivanhoe Mines' Executive Vice President, Projects. Mr. Amos has verified the technical data disclosed in this news release.
Disclosures of a scientific or technical nature regarding the stockpiles in this news release have been reviewed and approved by Joshua Chitambala, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Chitambala is not considered independent under NI 43-101 as he is the Resource Manager for Ivanhoe Mines. Mr. Chitambala has verified the other technical data regarding the surface stockpiles disclosed in this news release.
Ivanhoe has prepared independent, NI 43-101-compliant technical report for the Kamoa-Kakula Copper Complex and the Kipushi Project, which are available on the company's website and under the company's SEDAR+ profile at www.sedarplus.ca:
- Kamoa-Kakula Integrated Development Plan 2023 Technical Report dated March 6, 2023, prepared by OreWin Pty Ltd.; China Nerin Engineering Co. Ltd.; DRA Global; Epoch Resources; Golder Associates Africa; Metso Outotec Oyj; Paterson and Cooke; SRK Consulting Ltd.; and The MSA Group.
- The Kipushi 2022 Feasibility Study dated February 14, 2022, prepared by OreWin Pty Ltd., MSA Group (Pty) Ltd., SRK Consulting (South Africa) (Pty) Ltd, and METC Engineering.
The technical reports include relevant information regarding the assumptions, parameters, and methods of the mineral resource estimates on the Kamoa-Kakula Copper Complex and the Kipushi Project cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release.
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula Copper Complex in the DRC, the ramp-up of the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the phased development of the tier-one Platreef palladium-nickel-platinum-rhodium-copper-gold project in South Africa.
Ivanhoe Mines also is exploring its highly prospective, 60
Information contact
Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines (@IvanhoeMines_) on X.
Information contact
Investors
Vancouver: Matthew Keevil +1.604.558.1034
London: Tommy Horton +44 7866 913 207
Media
Tanya Todd +1.604.331.9834
Forward-looking statements
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the company, its projects, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified using words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance, and results and speak only as of the date of this release.
Such statements include without limitation: (i) statements that the inventory of unsold copper at year-end is largely undergoing toll treatment at LCS and is expected to reduce during the first quarter; (ii) statements that initial estimates indicate that 34 MW, out of the total 36 MW of damaged generator capacity, are repairable and will take between three and six months to return to operation; (iii) statements that an insurance claim will be made based on existing policies in place; (iv) statements that a full assessment of the cause of the damage is expected to be completed within the coming weeks and that a full investigation into the cause of the fire is being conducted to assess the need for additional preventative measures across the generator farms; (v) statements that Kamoa-Kakula's management are also in discussions to secure greater domestic and imported hydropower as soon as possible; (vi) statements that in the unlikely event that all grid-supplied power were to completely fail, there is sufficient onsite back up generator capacity available to run Kamoa-Kakula's Phase 1, 2, and 3 operations, excluding the smelter; (vii) statements that Kamoa-Kakula's smelter operations team is considering delaying the heat-up of the on-site copper smelter by up to three months, while the damaged generators are being repaired or additional domestic and imported hydropower is secured; (viii) statements that wet commissioning of Turbine #5 at Inga II, with a generation capacity of 178 MW, is now expected to commence in the second quarter and that Kamoa-Kakula is expected to be allocated an initial, additional 70 MW of hydropower in the second quarter from the grid, which will increase over time as grid improvements initiatives are completed; (ix) statements that the Kipushi concentrator is expected to consistently achieve its nameplate milling rate during the first quarter; (x) statements that Kamoa-Kakula is targeting a production rate of approximately 600,000 tonnes of copper in concentrate for 2026, following power generation and grid improvement initiatives in progress, together with optimization projects for improved Phase 1 and 2 recoveries (Project 95) and increased Phase 3 throughput underway; (xi) statements that Kamoa's engineering team is also studying the timing of a Phase 4 expansion, which involves doubling the size of the milling and flotation circuit adjacent to Phase 3; (xii) statements that Kipushi is targeting a production rate of over 250,000 tonnes of zinc in concentrate for 2026, following the completion of ramp-up and debottlenecking activities expected to increase processing capacity by
(xvii) statements that hot commissioning and ramp-up of Platreef's Phase 1 concentrator are deferred to the second half of 2025; (xviii) statements that Platreef's 2025 guidance is provisional and will be updated upon the completion of the updated Feasibility Study later in Q1 2025 and that the 2025 capital expenditure is expected to remain within the range outlined in the news release; (xix) statements that Ivanhoe Mines will provide 2026 capital expenditure guidance in its 2024 year-end financial results; (xx) statements regarding production from the smelter, once fully ramped-up, is projected to be up to 500,000 tonnes of
Furthermore, concerning this specific forward-looking information concerning the operation and development of the Kamoa-Kakula Copper Complex or the Kipushi Project, the company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of copper and zinc, as applicable; (vi) the availability of equipment and facilities necessary to complete development and exploration; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or terrorism; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by joint venture partners with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) the ability to raise sufficient capital to develop such projects; (xvi) changes in project scope or design; (xvii) recoveries, mining rates and grade; (xviii) political factors; (xviii) water inflow into the mine and its potential effect on mining operations, and (xix) the consistency and availability of electric power.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether such results will be achieved. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, however not limited to, the factors discussed above and under the "Risk Factors" and elsewhere in the company's MD&A for the three and nine months ended September 30, 2024 and in its current annual information form, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Although the forward-looking statements contained in this release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.
The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the "Risk Factors" section in the company's MD&A for the three and nine months ended September 30, 2024 and its current annual information form.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236422
FAQ
What was Kamoa-Kakula's total copper production for 2024?
How will the recent fire damage impact IVPAF's operations?
What is IVPAF's copper production guidance for 2025?
How much zinc did Kipushi produce in 2024?
