Total expenses surged 43%, with power and fuel charges nearly doubling.

The country's statistics agency said the drop was due to lower-grade ore and less processing during the period.

The forecast comes as the Ukraine war, strikes and floods hit production of five commodities mined by the company.

The bottom line was boosted by a $2.35 billion financial gain related to unspecified foreign exchange rates, which largely masked weaker sales and rising costs.

Revenues stood at $3.12 billion, down 14.6% from the year-ago period and missing a Refinitiv forecast of $3.19 billion.

The new exploration rights form a continuous block on the southwest border of Ivanhoe's existing Platreef mining rights at Turfspruit and Macalacaskop.

China is Canada’s third-biggest trade partner and British Columbia’s second-largest.