Ivanhoe Mines Ltd Stock Price, News & Analysis

Ivanhoe Mines (TSX: IVN, OTCQX: IVPAF) has announced the pricing of US$750,000,000 7⅞% senior notes due 2030. The notes will be senior unsecured obligations of the company and will be guaranteed by certain company subsidiaries.

The gross proceeds from the offering will be allocated to general corporate purposes, including capital expenditure for project expansion, and to cover fees and expenses related to the offering. The closing of the offering remains subject to customary conditions precedent.

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) has announced the launch of a US$600 million senior notes offering due 2030. The notes will be senior unsecured obligations guaranteed by certain company subsidiaries. Additionally, the company has secured a US$120 million revolving credit facility agreement dated December 22, 2024.

The proceeds from the notes offering will be allocated to general corporate purposes, including capital expenditure for project expansion and offering-related fees and expenses. The notes will be backed by guarantees from specified subsidiary companies (Guarantors).

Ivanhoe Mines reported record copper production from its Kamoa-Kakula complex, reaching 437,061 tonnes of copper in concentrate for 2024, a 12% year-over-year increase. The fourth quarter saw record production of 133,819 tonnes, up 15% from Q3, with December achieving a monthly record of 47,058 tonnes.

The company's Kipushi mine produced 50,307 tonnes of zinc in concentrate during 2024, including a record 14,900 tonnes in December. For 2025, Kamoa-Kakula's production guidance is set at 520,000-580,000 tonnes of copper, while Kipushi targets 180,000-240,000 tonnes of zinc.

A recent fire damaged 36 MW of backup power generation at Kamoa-Kakula, which may delay smelter commissioning by up to three months. The company has signed offtake agreements with CITIC Metal and Gold Mountains for 80% of the smelter's copper anode production, securing a $500 million advance payment facility.

Robert Friedland has provided an update on his shareholdings in Ivanhoe Mines following previously disclosed transactions from August 18, 2023. A wholly-owned subsidiary has pledged 62,700,000 common shares (4.64% of outstanding shares) as security to a U.S. commercial bank for personal financing transactions. This represents less than a 2% increase in pledged shares since the last disclosure.

Friedland currently owns, through wholly-owned subsidiaries and directly, 163,229,617 common shares (12.08% of outstanding shares). Including potential shares from options, restricted share units, and performance share units, his ownership could reach 167,706,290 shares (12.37% on a partially-diluted basis). He retains ownership rights over the pledged shares and intends to settle transactions in cash. Future share transfers for estate planning purposes will not exceed 8.8% of outstanding shares.

Kamoa-Kakula Copper Complex achieved a record monthly production of 45,019 tonnes of copper in concentrate during November 2024. The concentrators milled 1.2 million tonnes of ore at an average feed grade of 4.58% copper. Year-to-date production through November totals 390,061 tonnes. The Phase 3 concentrator reached an 85.3% recovery rate, approaching its 86% design rate, and achieved a 90% recovery rate over 24 hours on November 26. The DRC is expected to surpass Peru as the world's second-largest copper producer in 2024, with projected production of 2.9 million tonnes.

Ivanhoe Mines announces the official reopening of the ultra-high-grade Kipushi zinc-copper-lead-germanium mine in the Democratic Republic of the Congo (DRC). The ceremony was led by DRC President Félix Tshisekedi and attended by various dignitaries. The mine's workforce is 97% Congolese. The company has been ranked #2 globally in the Emissions category of the ESG Mining Company Index. Independent consultants estimate that the Kamoa-Kakula Copper Complex and Kipushi mine have among the lowest greenhouse gas emissions intensities globally, with Kipushi expected to be the lowest emitter per tonne of zinc produced once fully operational.

Ivanhoe Mines reported record copper production at its Kamoa-Kakula Copper Complex in October 2024, achieving 41,800 tonnes of copper in concentrate and processing 1.2 million tonnes of ore. The Phase 3 concentrator demonstrated exceptional performance, milling 19,198 tonnes of ore in 24 hours on October 21, operating 30% above nameplate capacity. Year-to-date copper production reached 345,042 tonnes. The complex achieved a peak daily production of 1,720 tonnes of copper on October 12, equivalent to an annualized rate of 580,000 tonnes. The direct-to-blister copper smelter is 94% complete, scheduled for year-end completion, and will produce up to 700,000 tonnes of sulphuric acid annually as a by-product.

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) has announced a 15-minute delay to its third quarter 2024 financial results conference call on October 30, 2024. The call will now begin at 10:45 a.m. Eastern time / 7:45 a.m. Pacific time. The event will include a Q&A session, with media invited to attend in listen-only mode. The company will make presentation slides and an audio webcast recording available on their website, along with the condensed consolidated interim financial statements and Management's Discussion and Analysis on both their website and SEDARplus.

Ivanhoe Mines reports Q3 2024 profit of $108 million and Adjusted EBITDA of $160 million. The Kamoa-Kakula Copper Complex achieved record production of 116,313 tonnes of copper in Q3, with year-to-date production of 303,328 tonnes. Revenue reached $828 million with EBITDA of $470 million. Cost metrics show C1 cash cost of $1.69/lb and cost of sales at $1.80/lb. The Phase 3 concentrator has achieved steady state production, while Africa's largest copper smelter project remains on schedule for completion this year. 2024 production guidance was revised to 425,000-450,000 tonnes of copper.