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Ivanhoe Mines (TSX: IVN) has published maiden mineral resource estimates for the high-grade Makoko and Kiala deposits, within the Western Foreland exploration project, in the Democratic Republic of the Congo.
According to the company, Makoko contains indicated mineral resource of 16 million tonnes at 3.55% copper plus inferred mineral resource of 154 million tonnes at 1.97% copper using a 1.5% copper cut-off. Kiala contains indicated mineral resource of 5 million tonnes at 3.56% copper using a 1.5% copper cut-off.
Ivanhoe says Makoko ranks as the world’s third-largest and highest-grade copper discovery since Kakula in 2016.
Ivanhoe has now discovered 38.7 million tonnes of contained copper in measured & indicated resources and a further 9.4 million tonnes in inferred resources across the Western Foreland shelf, including Kamoa and Kakula.
The company reported last week an increase in net profit to $108 million for the third quarter, compared with a profit of $87 million in Q2.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter ended September 30 was $152 million, compared with $85 million in the third quarter of 2022 but lower than the EBITDA of $172 million reported for Q2 2023.
The Kamoa-Kakula copper complex sold 96,509 tonnes of payable copper in Q3 2023, with a recognized quarterly revenue of $695 million and EBITDA of $423 million.
Kamoa-Kakula reported year-to-date production of 301,336 tonnes. Kamoa-Kakula’s cost of sales per pound of payable copper sold was $1.34 for Q3 2023, compared with $1.24 and $1.05 in Q2 2023 and Q3 2022, respectively.
Shares of Ivanhoe Mines rose 3.8% by 12:41 a.m. EDT. The company has a market capitalization of C$12.2 billion ($8.85 billion).
