Ivanhoe records quarterly profit of $67m
Dual-listed Ivanhoe Mines has reported a quarterly profit of $67-million and record quarterly normalised profit of $115-million for the second quarter ended June 30, driven by income from the Kamoa-Kakula joint venture of $90-million.
Ivanhoe reported record adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) of $203-million for the second quarter, compared with $126-million for the first quarter.
The company notes that the Kamoa-Kakula Copper Complex sold 95 900 t of payable copper in the second quarter, and recognised record quarterly revenue of $817-million and record Ebitda of $547-million
Kamoa-Kakula’s quarterly cost of sales total $1.53/lb of payable copper; C1 cash costs of $1.52/lb at the lower end of guidance.
Moreover, Kamoa-Kakula’s Phase 3 concentrator expansion was completed ahead of schedule, boosting annualised production to about 600 000 t of copper.
The company says the smelter project is over 85% advanced and on schedule for construction to be completed by the end of the year.
Further, On July 28, Kamoa-Kakula achieved a daily record 1 614 t of copper, following 16 703 t of ore milled at the Phase 3 concentrator, exceeding nameplate by 19%.
It adds that the Kipushi concentrator has also been completed ahead of schedule, with ramp-up to steady-state operations underway during the third quarter.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
