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Ivanhoe Mines Ltd A (IVPAF) is a Canadian mining company with a focus on advancing its principal projects in Southern Africa. The company is dedicated to the expansion of the Kamoa-Kakula Copper Complex in the DRC, the construction of the Platreef project in South Africa, and the restart of the Kipushi mine in the DRC. Ivanhoe Mines also explores for new copper discoveries in the Western Forelands. The company's commitment to Environmental, Social, and Governance (ESG) initiatives underscores its dedication to sustainable development and corporate responsibility.
Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) announces that Robert Friedland will speak at the Qatar Economic Forum on May 16, 2024, and Marna Cloete will present at the BofA Securities Global Metals, Mining & Steel Conference on May 14, 2024. Investors can watch the events online.
Ivanhoe Mines reported a Q1 2024 loss of $69 million but recorded a normalized profit of $70 million with adjusted EBITDA of $126 million. Kamoa-Kakula sold 85,155 tonnes of payable copper, recognized revenue of $618 million, and produced 86,203 tonnes of copper in Q1 2024. The company's annual production guidance for Kamoa-Kakula is maintained at between 440,000 to 490,000 tonnes of copper. Pre-commissioning of Phase 3 concentrator is ahead of schedule. Kamoa-Kakula secured 15 MW of imported grid power and expects an additional 40 MW from Mozambique. Kipushi zinc concentrator pre-commissioning underway, aiming to produce over 270,000 tonnes. Ivanhoe Mines completed 17,000 meters of diamond drilling in the Western Forelands. Company's balance sheet shows $411 million in cash and cash equivalents. Ivanhoe Mines announced the redemption of all its outstanding 2.50% Convertible Senior Notes due 2026.
Ivanhoe Mines announced the redemption of its $575 million 2.50% Convertible Senior Notes due 2026, reducing its debt to below $150 million. The redemption date is set for July 11, 2024, at a price equal to the principal amount plus accrued interest. Holders can choose to convert their notes before the redemption date at a specified conversion rate.
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