Ivanhoe Mines Ltd Stock Price, News & Analysis

Ivanhoe Mines reported a quarterly profit of $67 million and a record normalized profit of $115 million for Q2 2024, significantly driven by the Kamoa-Kakula joint venture income of $90 million. The company achieved a record Adjusted EBITDA of $203 million, up from $126 million in Q1 2024.

Kamoa-Kakula generated record revenue of $817 million and record EBITDA of $547 million, selling 95,900 tonnes of payable copper at a cost of sales of $1.53 per lb. The C1 cash cost stood at $1.52 per lb., at the lower end of guidance. The Phase 3 concentrator was completed ahead of schedule, increasing annual copper production to approx. 600,000 tonnes. Additionally, the smelter project is over 85% complete and on track for year-end completion.

Elsewhere, the Kipushi concentrator was finished ahead of schedule with ramp-up to steady-state expected in Q3. First ore was fed into the concentrator on May 31, 2024, and the first zinc concentrate was produced on June 14, 2024.

Financially, Ivanhoe Mines maintains a strong balance sheet with $246 million in cash and minimal corporate debt post-convertible note redemption. New funding includes $200 million from a term finance facility and $110 million in loans for Kipushi operations.

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) has announced it will release its Q2 2024 financial results on July 31, 2024, before market open. The company will host an investor conference call at 10:30 a.m. Eastern time on the same day, featuring a Q&A session. Analysts can join via phone, while media are invited to attend in listen-only mode.

Ivanhoe Mines is a Canadian mining company with three main projects in Southern Africa: the Kamoa-Kakula Copper Complex expansion in the DRC, the Platreef palladium-nickel-platinum-rhodium-copper-gold project in South Africa, and the Kipushi zinc-copper-germanium-silver mine restart in the DRC. The company is also exploring 1,808 km² of prospective licences in the Western Forelands, adjacent to Kamoa-Kakula.

Ivanhoe Mines reported Q2 2024 production results for the Kamoa-Kakula Copper Complex. The complex produced 100,812 tonnes of copper in concentrate for Q2 and 186,925 tonnes for the first half of 2024. The Phase 3 concentrator, which was completed ahead of schedule, began producing concentrate on June 10, 2024, and is expected to ramp up to steady-state production in Q3 2024, increasing annualized capacity to over 600,000 tonnes of copper.

The company maintains its 2024 guidance of 440,000-490,000 tonnes of copper. The Phase 1 and 2 concentrators produced 99,706 tonnes at a recovery rate of 87.0%, surpassing the design rate. As of June 30, 2024, 4.82 million tonnes of ore are stockpiled for the Phase 3 ramp-up.

Ivanhoe Mines will report Q2 2024 financial results on July 31, 2024. The company is collaborating with DRC's power company to upgrade the power grid by late 2025 and has expanded its on-site backup power generation. An MOU was signed to improve power supply from Angola to DRC and Zambia.

Ivanhoe Mines announced the completion of construction of the Kipushi concentrator ahead of schedule, with first ore fed on May 31, 2024, and initial concentrate produced on June 14, 2024. The Kipushi mine, located in the Democratic Republic of Congo, is set to produce 100,000-140,000 tonnes of zinc concentrate in 2024 and aims to average 278,000 tonnes annually over the first five years, making it the fourth-largest zinc mine globally. Off-take agreements have been signed with CITIC Metal and Trafigura, along with $170 million in financing facilities secured. The concentrator's capacity is planned to increase by 20% to 960,000 tonnes annually. The Kipushi mine is also confirmed as the world's lowest carbon-emission intensive zinc mine based on Scope 1 and 2 emissions. The project is a joint venture with Gécamines, who will increase their shareholding over time. This milestone marks the return of operations at Kipushi after 31 years, highlighting its potential to significantly impact global zinc markets.

Ivanhoe Mines announced the election results for its Board of Directors at the Annual General Meeting held on June 20, 2024. All nominees listed in the management proxy circular dated April 29, 2024, were successfully elected. Notable results include Robert M. Friedland receiving 97.95% of votes in favor, Weibao (Webber) Hao with 97.42%, and Jinghe Chen with 98.72%. The votes were overwhelmingly in favor for most candidates, with the lowest percentage of votes for Delphine Traoré at 91.15%. Full details of the votes and other business matters are available on SEDAR+.

Ivanhoe Mines announced the first concentrate production from its Kamoa-Kakula Phase 3 concentrator on June 10, 2024, ahead of schedule by nearly two quarters. This expansion is expected to boost annual copper production to over 600,000 tonnes, positioning it as the third-largest copper mining complex worldwide. In May 2024, Phases 1 and 2 achieved a near-record production of 35,474 tonnes of copper. The improved power stability, due to imported power from Zambia and Mozambique, contributed significantly to this achievement. Concurrently, a significant expansion in backup power capacity is underway, aiming for over 200 MW by the end of 2024. Ivanhoe Mines is also progressing with 'Project 95', targeting a 95% copper recovery rate, and planning an accelerated Phase 4 expansion.

Ivanhoe Mines has completed construction of the Phase 3 concentrator at its Kamoa-Kakula Copper Complex in the Democratic Republic of Congo ahead of schedule and on budget.

The first ore was fed into the concentrator on May 26, 2024, with commercial production expected by early Q3 2024. This expansion boosts the copper production capacity to over 600,000 tonnes per annum, making Kamoa-Kakula the world's fourth-largest copper mining complex.

Notably, the project recorded zero lost-time injuries during construction. Phase 1 and 2 concentrators have already produced over 63,000 tonnes of copper since April, benefiting from improved power stability.

Future growth initiatives include 'Project 95,' targeting a 95% recovery rate, and plans to accelerate Phase 4 expansion. Kamoa-Kakula’s 2024 production guidance remains at 440,000 to 490,000 tonnes of copper in concentrate.

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) announces that Robert Friedland will speak at the Qatar Economic Forum on May 16, 2024, and Marna Cloete will present at the BofA Securities Global Metals, Mining & Steel Conference on May 14, 2024. Investors can watch the events online.

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.