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Ivanhoe Mines (TSX: IVN) said on Monday its Kamoa-Kakula copper complex achieved a record monthly production of 41,800 tonnes in concentrate for the month of October and a combined monthly milling record of 1.2 million tonnes.
Copper concentrate production from Kamoa-Kakula, located in the Democratic Republic of Congo, now totals 345,042 tonnes for the year as of Oct. 31, 2024, which is 79% of the mid-point on its 2024 guidance of 425,000-450,000 tonnes.
According to Ivanhoe, on Oct. 12, the Phase 1, 2 and 3 concentrators collectively milled a record 50,253 tonnes of ore, producing 1,720 tonnes of copper. This equates to an annualized milling rate of 16.9 million tonnes and an annualized production rate of approximately 580,000 tonnes of copper, after accounting for availability.
“Our successful three-phase delivery of the world’s newest and greenest tier-one copper mining complex was consistently achieved ahead of schedule … a triple-crown achievement that is a pink unicorn in our industry,” Ivanhoe founder and co-chairman Robert Friedland said in a news release.
He added that the company is now nearing completion of the engineering for Kamoa-Kakula’s Phase 4 expansion.
“We expect record performances at Kamoa-Kakula for most of the next several quarters which, in our opinion, should be rewarded by the market,” BMO Capital Markets said in a note.
Construction of the Kamoa 1 and 2 underground-to-surface ore conveyor system and the first underground truck tip is now complete and undergoing commissioning.
According to the company, this will allow ore mined from the Kamoa 1 and 2 underground mines to be fed directly into the Phase 3 concentrator, rather than relying on surface low-grade stockpiles used during ramp-up.
Shares of Ivanhoe Mines fell 0.2% by 12:10 p.m. EDT, with the company’s market capitalization at C$25.2 billion ($18.1 billion).
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