Ivanhoe Mines Reports Q3 2024 Production Results
Ivanhoe Mines reported record Q3 2024 production for its Kamoa-Kakula Copper Complex and Kipushi zinc mine in the DRC. Key highlights include:
1. Kamoa-Kakula produced a record 116,313 tonnes of copper in concentrate, with the Phase 3 concentrator ramping up.
2. Kipushi produced 17,817 tonnes of zinc in concentrate during ramp-up.
3. Kamoa-Kakula's 2024 production guidance adjusted to 425,000 - 450,000 tonnes of copper.
4. Kipushi's 2024 production guidance lowered to 50,000 - 70,000 tonnes of zinc.
5. Kamoa-Kakula's Phase 3 concentrator nearing steady-state production.
6. Kipushi concentrator achieving recoveries over 90% as ramp-up continues.
7. Kamoa-Kakula's 500,000 tpa smelter on schedule for year-end completion.
Ivanhoe Mines ha riportato una produzione record nel terzo trimestre del 2024 per il suo complesso copper Kamoa-Kakula e la miniera di zinco Kipushi nella Repubblica Democratica del Congo. I punti salienti includono:
1. Kamoa-Kakula ha prodotto 116.313 tonnellate di rame in concentrate, con il concentratore della Fase 3 in fase di incremento.
2. Kipushi ha prodotto 17.817 tonnellate di zinco in concentrazione durante il ramp-up.
3. La guida alla produzione 2024 di Kamoa-Kakula è stata adattata a 425.000 - 450.000 tonnellate di rame.
4. La guida alla produzione 2024 di Kipushi è stata abbassata a 50.000 - 70.000 tonnellate di zinco.
5. Il concentratore della Fase 3 di Kamoa-Kakula si avvicina alla produzione stabile.
6. Il concentratore di Kipushi sta raggiungendo recuperi superiori al 90% mentre il ramp-up continua.
7. Il forno di Kamoa-Kakula da 500.000 tpa è in programma per il completamento entro la fine dell'anno.
Ivanhoe Mines informó sobre producción récord en el tercer trimestre de 2024 para su Complejo de Cobre Kamoa-Kakula y la mina de zinc Kipushi en la RDC. Los aspectos destacados incluyen:
1. Kamoa-Kakula produjo 116,313 toneladas de cobre en concentrado, con el concentrador de la Fase 3 aumentando su producción.
2. Kipushi produjo 17,817 toneladas de zinc en concentrado durante su ramp-up.
3. La guía de producción 2024 de Kamoa-Kakula se ajustó a 425,000 - 450,000 toneladas de cobre.
4. La guía de producción 2024 de Kipushi se redujo a 50,000 - 70,000 toneladas de zinc.
5. El concentrador de Fase 3 de Kamoa-Kakula se está acercando a una producción estable.
6. El concentrador de Kipushi está logrando recuperaciones superiores al 90% mientras continúa el ramp-up.
7. El fundidor de Kamoa-Kakula de 500,000 tpa está en programa para completarse a fin de año.
Ivanhoe Mines는 콩고 민주 공화국의 카모아-카쿨라 구리 복합체와 키푸시 아연 광산에서 2024년 3분기 기록 생산량을 보고했습니다. 주요 하이라이트는 다음과 같습니다:
1. 카모아-카쿨라는 페이즈 3 농축기가 증가하는 가운데 116,313톤의 구리를 농축하여 생산했습니다.
2. 키푸시는 Ramp-Up 중에 17,817톤의 아연을 농축하여 생산했습니다.
3. 카모아-카쿨라의 2024년 생산 지침이 425,000 - 450,000톤의 구리로 조정되었습니다.
4. 키푸시의 2024년 생산 지침이 50,000 - 70,000톤의 아연으로 하향 조정되었습니다.
5. 카모아-카쿨라의 3단계 농축기가 안정적 생산에 가까워지고 있습니다.
6. 키푸시 농축기는 Ramp-Up가 계속되는 동안 90% 이상의 회수율을 달성하고 있습니다.
7. 카모아-카쿨라의 500,000 tpa 제련소는 연말 완공 예정입니다.
Ivanhoe Mines a rapporté une production record au troisième trimestre 2024 pour son complexe de cuivre Kamoa-Kakula et la mine de zinc Kipushi en RDC. Les points clés incluent :
1. Kamoa-Kakula a produit 116.313 tonnes de cuivre en concentré, avec le concentrateur de la phase 3 en phase d'augmentation.
2. Kipushi a produit 17.817 tonnes de zinc en concentré pendant la montée en puissance.
3. Les prévisions de production 2024 de Kamoa-Kakula ont été ajustées à 425.000 - 450.000 tonnes de cuivre.
4. Les prévisions de production 2024 de Kipushi ont été abaissées à 50.000 - 70.000 tonnes de zinc.
5. Le concentrateur de la phase 3 de Kamoa-Kakula se rapproche d'une production stable.
6. Le concentrateur de Kipushi atteint des récupérations supérieures à 90% alors que la montée en puissance continue.
7. Le four de Kamoa-Kakula de 500.000 tpa est dans les délais pour être achevé d'ici la fin de l'année.
Ivanhoe Mines berichtete über Rekordproduktion im dritten Quartal 2024 für den Kamoa-Kakula Kupferkomplex und die Kipushi Zinkmine in der DR Kongo. Wichtige Highlights sind:
1. Kamoa-Kakula produzierte 116.313 Tonnen Kupfer im Konzentrate, während der Phasen-3-Konzentrator hochgefahren wird.
2. Kipushi produzierte 17.817 Tonnen Zink im Konzentrate während des Hochlaufs.
3. Die Produktionsprognose 2024 von Kamoa-Kakula wurde auf 425.000 - 450.000 Tonnen Kupfer angepasst.
4. Die Produktionsprognose 2024 von Kipushi wurde auf 50.000 - 70.000 Tonnen Zink gesenkt.
5. Der Phasen-3-Konzentrator von Kamoa-Kakula nähert sich einer stabilen Produktion.
6. Der Kipushi-Konzentrator erzielt während des Hochlaufs Rückgewinnungsquoten von über 90%.
7. Der Schmelzofen von Kamoa-Kakula mit 500.000 tpa ist planmäßig für die Fertigstellung bis Ende des Jahres.
- Record Q3 copper production of 116,313 tonnes at Kamoa-Kakula
- Phase 3 concentrator at Kamoa-Kakula nearing steady-state production
- Kamoa-Kakula achieved record daily production rate of 1,334 tonnes of copper in September
- Kipushi concentrator achieving recoveries over 90%
- Kamoa-Kakula's 500,000 tpa smelter on schedule for year-end completion
- Underground development at Kipushi ahead of schedule
- Kamoa-Kakula's 2024 production guidance lowered to 425,000 - 450,000 tonnes of copper
- Kipushi's 2024 production guidance reduced to 50,000 - 70,000 tonnes of zinc
- Kipushi ramp-up slower than anticipated due to operational challenges
- Power supply issues affecting Kipushi's operations
Kamoa-Kakula milled a record 3.3 million tonnes, producing a record 116,313 tonnes of copper in concentrate during Q3, with the Phase 3 concentrator in ramp-up
Phase 3 concentrator ramp-up approaching steady-state throughput and recovery as at quarter end
Kamoa-Kakula's 2024 production guidance range adjusted to 425,000 - 450,000 tonnes of copper
Kipushi produced 17,817 tonnes of zinc in concentrate during ramp-up in Q3 2024
Kipushi's 2024 production guidance range lowered to 50,000 - 70,000 tonnes of zinc
Kipushi concentrator now achieving recoveries in excess of
Ivanhoe Mines to issue Q3 2024 financial results and host conference call for investors on October 30
Kolwezi, Democratic Republic of Congo--(Newsfile Corp. - October 7, 2024) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President Marna Cloete announced today that during the third quarter of 2024, the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC) produced a record 116,313 tonnes of copper in concentrate and the ultra-high-grade Kipushi zinc mine, also in the DRC, produced 17,817 tonnes of zinc in concentrate.
Year-to-date, Kamoa-Kakula has produced 303,328 tonnes of copper in concentrate. In addition, Kamoa-Kakula produced 40,025 tonnes of copper during September, achieving a record daily production rate of 1,334 tonnes of copper per day over the 30-day month. The average daily production rate increased further during the final week of September to 1,460 tonnes of copper per day.
Kamoa-Kakula's Phase 1 and 2 concentrators milled approximately 2.2 million tonnes of ore during the third quarter at an average feed grade of
Kamoa-Kakula's Phase 3 concentrator, which produced first concentrate on June 10, 2024, milled approximately 1.1 million tonnes of ore during the third quarter at an average feed grade of
Following the commissioning of the Phase 3 concentrator's fine-grinding mills in early September, sustained improvements in processing throughput and recovery rates were achieved. During the last week of September, the concentrator milled 117,484 tonnes, which is equivalent to an annualized processing rate of over 5.5 million tonnes per annum, after accounting for availability. In addition, over the same period, the copper recovery rate of the concentrator increased to an average of
At quarter end, total on-site backup power generation capacity is 135 MW, following the installation and commissioning of an additional 72 MW of generators during the quarter. The on-site backup power capacity is sufficient to power Kamoa-Kakula's Phase 1 and 2 concentrators at full capacity in the event of intermittent power. Kamoa's project team remains on schedule to have 201 MW of installed on-site backup power generation capacity by year-end. In addition, imported power from the Southern African Power Pool, via the Zambian interconnector, stands at 65 MW at quarter end. Negotiations are underway to increase imported power to over 100 MW by the end of the year.
| Kamoa-Kakula 2024 Production Guidance | ||
| Previous guidance | 440,000 - 490,000 | Contained copper in concentrate (tonnes) |
| Revised guidance | 425,000 - 450,000 | Contained copper in concentrate (tonnes) |
All figures are on a
Revised guidance reflects production lost due to intermittent grid power, in particular prior to the installation of additional on-site generator capacity and agreements in place to import power to support power consumption from the DRC grid. Guidance also considers the commissioning of the Phase 3 concentrator, which now is nearing steady-state as at the end of the quarter.
Kamoa-Kakula's revised 2024 production guidance is based on several assumptions and estimates as of September 30, 2024. Guidance involves estimates of known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially.
Construction of Kamoa-Kakula's 500,000 tonnes per annum smelter is on schedule for construction completion by end of year.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3396/225756_afe8534894cdc921_002full.jpg
The smelter construction site includes a milling and flotation plant designed to reprocess slag generated by the smelter, taking overall recoveries to approximately
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3396/225756_afe8534894cdc921_003full.jpg
New Kipushi concentrator ramping up to commercial production
Following first concentrate production on June 14, 2024, ramp-up of Kipushi's concentrator continued during the third quarter. Kipushi's concentrator milled approximately 88,000 tonnes of stockpile ore during the third quarter at an average feed grade of
Ramp up of Kipushi's concentrator to its annual steady-state production rate of over 250,000 tonnes of zinc in concentrate has been slower than anticipated, principally due to three factors: first, ore mined and stockpiled from the top of the Big Zinc orebody has a higher iron content, which was negatively impacting concentrator recoveries prior to reagent adjustments being made; second, ore feed into the dense media separation (DMS) circuit contains a higher than expected proportion of fine material (" fines"), which is limiting throughput; and third, the increase in power requirement, from 5 MW used during construction to 18 MW for operations, has exposed transmission bottlenecks in the local grid infrastructure.
During the latter part of September, the Kipushi concentrator regularly operated at its nameplate throughput of 83 tonnes per hour (800,000 tonnes per annum on an annualized basis). However, the above operational disruptions have inhibited the nameplate throughput from being sustained on a daily basis. While the concentrator's metallurgical recoveries have now improved to over
Underground development continues to progress ahead of schedule. Year-to-date, over 3,000 metres of underground development has been completed year to date, approximately 100 metres ahead of schedule.
As of September 30, 2024, a total of 360,000 tonnes of ore at an average grade of
Kipushi debottlenecking program underway
Engineering and procurement of long-lead order equipment items are well underway for the Kipushi debottlenecking program. The debottlenecking of the Kipushi concentrator is targeting a
| Kipushi 2024 Production Guidance | ||
| Previous guidance | 100,000 - 140,000 | Contained zinc in concentrate (tonnes) |
| Revised guidance | 50,000 - 70,000 | Contained zinc in concentrate (tonnes) |
All figures are on a
Kipushi's revised 2024 production guidance is based on several assumptions and estimates as of September 30, 2024. Guidance involves estimates of known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially.
Underground development continues to progress ahead of schedule, with over 80,000 tonnes of contained zinc in surface ROM stockpiles.
Underground development continues to progress ahead of schedule, with over 80,000 tonnes of contained zinc in surface ROM stockpiles.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3396/225756_afe8534894cdc921_004full.jpg
Fully-laden trucks of Kipushi’s zinc concentrate ready for export, with the Kipushi concentrator (left) and the P5 shaft (centre) in the background. Exports of concentrate from Kipushi commenced during the quarter.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3396/225756_afe8534894cdc921_005full.jpg
Ivanhoe Mines to issue Q3 2024 financial results and host conference call for investors on October 30
Ivanhoe Mines will report its Q3 2024 financial results, and a detailed update on its operations, before the market opens on Wednesday, October 30, 2024.
The company will hold an investor conference call to discuss the Q3 2024 financial results on the same day at 10:30am ET / 7:30am PT. To view the live webcast use the link: https://edge.media-server.com/mmc/p/67hi5owr
Analysts can join by phone for the Q&A using the following link:
https://register.vevent.com/register/BIdca605fc67a44c9188026e3aad0c263d
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.
Other 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 includes 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 construction of the tier-one Platreef palladium-nickel-platinum-rhodium-copper-gold project in South Africa; and the restart of production at the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC.
Ivanhoe Mines also is exploring across circa 1,808 km2 of highly prospective, 60
Information contact
Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines (@IvanhoeMines_) on X.
Investors
Vancouver: Matthew Keevil +1.604.558.1034
London: Tommy Horton +44 7866 913 207
Media
Tanya Todd +1.604.331.9834
Website: www.ivanhoemines.com
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 Kamoa's engineering team expects to reach the nameplate recovery rate 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 six months ended June 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 six months ended June 30, 2024 and its current annual information form.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225756
FAQ
What was Kamoa-Kakula's copper production in Q3 2024?
How much zinc did Kipushi produce in Q3 2024?
What is the revised 2024 production guidance for Kamoa-Kakula?
What is the new 2024 production guidance for Kipushi?
When will Ivanhoe Mines (IVPAF) release its Q3 2024 financial results?
