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About Ivanhoe Mines Ltd. (IVPAF)
Ivanhoe Mines Ltd. is a globally recognized Canadian mining company dedicated to the exploration, development, and operation of world-class mineral assets in Southern Africa. Its diversified portfolio includes three principal projects:
Kamoa-Kakula Copper Complex
Located in the heart of the Democratic Republic of the Congo's (DRC) Copperbelt, the Kamoa-Kakula Copper Complex is one of the world’s largest and highest-grade copper mining operations. The project achieved record production of 437,061 tonnes of copper in 2024, supported by three concentrators operating at a combined capacity of over 14.2 million tonnes per annum. Kamoa-Kakula’s direct-to-blister smelter, Africa’s largest, is set to significantly reduce logistics costs and enhance profitability. The complex is also advancing its Phase 4 expansion, targeting an annual production rate of 600,000 tonnes of copper by 2026, cementing its position as a cornerstone asset in the global copper market.
Kipushi Zinc-Copper-Germanium-Silver Mine
The Kipushi Mine, also in the DRC, is renowned for its ultra-high-grade zinc deposits, with an average grade exceeding 35%. Following its restart in 2024, Kipushi produced 50,307 tonnes of zinc concentrate during its inaugural year and is targeting over 250,000 tonnes annually by 2026. The mine also produces germanium and gallium, critical for advanced technologies such as semiconductors and solar panels. Kipushi’s state-of-the-art processing facilities and ongoing debottlenecking program aim to further enhance operational efficiency and output.
Platreef Project
In South Africa, the Platreef Project is a tier-one polymetallic deposit containing platinum, palladium, rhodium, nickel, copper, and gold. The project’s Phase 1 operation is expected to commence production in late 2025, followed by an accelerated Phase 2 expansion by 2027, scaling up to 4.1 million tonnes per annum. A future Phase 3 expansion envisions Platreef becoming one of the largest and lowest-cost producers of platinum-group metals and critical minerals globally.
Western Forelands Exploration
Adjacent to Kamoa-Kakula, Ivanhoe Mines holds extensive exploration licenses in the Western Forelands, a region with significant potential for additional high-grade copper discoveries. The 2024 drilling campaign exceeded expectations, expanding the Makoko deposit’s strike length by 20% to over 13 kilometers and uncovering new high-grade zones at Kitoko. Ivanhoe has budgeted $50 million for Western Forelands exploration in 2025, targeting further resource growth.
Commitment to Sustainability
Ivanhoe Mines integrates sustainability into its operations, prioritizing renewable energy, water conservation, and community development. The company’s projects benefit from clean hydropower, and its dry-stack tailings storage facilities ensure minimal environmental impact. Ivanhoe’s partnerships with local communities and governments emphasize shared economic benefits and long-term development.
Strategic Importance
Ivanhoe Mines plays a critical role in supplying metals essential for global industrialization and the energy transition. Its diversified portfolio of high-grade, long-life assets positions the company as a leader in the production of copper, zinc, and platinum-group metals, all vital for electrification, renewable energy, and advanced technologies.
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.
Robert Friedland has provided an update on his shareholdings in Ivanhoe Mines following previously disclosed transactions from August 18, 2023. A wholly-owned subsidiary has pledged 62,700,000 common shares (4.64% of outstanding shares) as security to a U.S. commercial bank for personal financing transactions. This represents less than a 2% increase in pledged shares since the last disclosure.
Friedland currently owns, through wholly-owned subsidiaries and directly, 163,229,617 common shares (12.08% of outstanding shares). Including potential shares from options, restricted share units, and performance share units, his ownership could reach 167,706,290 shares (12.37% on a partially-diluted basis). He retains ownership rights over the pledged shares and intends to settle transactions in cash. Future share transfers for estate planning purposes will not exceed 8.8% of outstanding shares.
Kamoa-Kakula Copper Complex achieved a record monthly production of 45,019 tonnes of copper in concentrate during November 2024. The concentrators milled 1.2 million tonnes of ore at an average feed grade of 4.58% copper. Year-to-date production through November totals 390,061 tonnes. The Phase 3 concentrator reached an 85.3% recovery rate, approaching its 86% design rate, and achieved a 90% recovery rate over 24 hours on November 26. The DRC is expected to surpass Peru as the world's second-largest copper producer in 2024, with projected production of 2.9 million tonnes.
Ivanhoe Mines announces the official reopening of the ultra-high-grade Kipushi zinc-copper-lead-germanium mine in the Democratic Republic of the Congo (DRC). The ceremony was led by DRC President Félix Tshisekedi and attended by various dignitaries. The mine's workforce is 97% Congolese. The company has been ranked #2 globally in the Emissions category of the ESG Mining Company Index. Independent consultants estimate that the Kamoa-Kakula Copper Complex and Kipushi mine have among the lowest greenhouse gas emissions intensities globally, with Kipushi expected to be the lowest emitter per tonne of zinc produced once fully operational.
Ivanhoe Mines reported record copper production at its Kamoa-Kakula Copper Complex in October 2024, achieving 41,800 tonnes of copper in concentrate and processing 1.2 million tonnes of ore. The Phase 3 concentrator demonstrated exceptional performance, milling 19,198 tonnes of ore in 24 hours on October 21, operating 30% above nameplate capacity. Year-to-date copper production reached 345,042 tonnes. The complex achieved a peak daily production of 1,720 tonnes of copper on October 12, equivalent to an annualized rate of 580,000 tonnes. The direct-to-blister copper smelter is 94% complete, scheduled for year-end completion, and will produce up to 700,000 tonnes of sulphuric acid annually as a by-product.
Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) has announced a 15-minute delay to its third quarter 2024 financial results conference call on October 30, 2024. The call will now begin at 10:45 a.m. Eastern time / 7:45 a.m. Pacific time. The event will include a Q&A session, with media invited to attend in listen-only mode. The company will make presentation slides and an audio webcast recording available on their website, along with the condensed consolidated interim financial statements and Management's Discussion and Analysis on both their website and SEDARplus.
Ivanhoe Mines reports Q3 2024 profit of $108 million and Adjusted EBITDA of $160 million. The Kamoa-Kakula Copper Complex achieved record production of 116,313 tonnes of copper in Q3, with year-to-date production of 303,328 tonnes. Revenue reached $828 million with EBITDA of $470 million. Cost metrics show C1 cash cost of $1.69/lb and cost of sales at $1.80/lb. The Phase 3 concentrator has achieved steady state production, while Africa's largest copper smelter project remains on schedule for completion this year. 2024 production guidance was revised to 425,000-450,000 tonnes of copper.
Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) has scheduled the release of its Q3 2024 financial results for October 30, 2024, before market open. The company will host an investor conference call at 10:30 a.m. Eastern time / 7:30 a.m. Pacific time on the same day, featuring a Q&A session. Media representatives can attend in listen-only mode. The financial statements and Management's Discussion and Analysis will be available on the company's website and SEDAR following the release.
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 (TSX: IVN) (OTCQX: IVPAF) has signed a Memorandum of Understanding (MOU) with Zambia's Ministry of Mines and Minerals Development to facilitate exploration activities in the country. The MOU outlines a partnership for sustainable development of Zambia's mineral resources, with Ivanhoe applying for new exploration rights. Key points include:
1. The Ministry will share information, identify prospective land packages, and provide access to geological data.
2. Ivanhoe plans to invest in exploration following its successful model from the Kamoa-Kakula Copper Complex in DRC.
3. Zambia aims to quadruple copper production to 3 million tonnes by 2031, potentially becoming the world's second-largest producer.
4. The agreement aligns with Zambia's nationwide geophysical survey to map mineral resources.
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