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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.
