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Ivanhoe says Kamoa set new quarterly copper production record in Q3 2022

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(Kitco News) - Ivanhoe Mines (TSX: IVN) announced today that the Kamoa-Kakula Mining Complex in the Democratic Republic of Congo has set a new quarterly production record in Q3 2022, with 97,820 tonnes of copper in concentrate produced.

The company said that Kamoa-Kakula’s Phase 1 and 2 concentrator plants set a monthly production record in September 2022 of 33,484 tonnes of copper in concentrate, and continue to regularly surpass the combined throughput design capacity of 7.6 million tonnes per annum, following the early commissioning of Phase 2 in April 2022.

Importantly, Ivanhoe noted that the Phase 1 and Phase 2 concentrator plants now are operating at an annualized production rate of approximately 400,000 tonnes of copper in concentrate, and have periodically exceeded this rate daily during the third quarter.

The company added that the de-bottlenecking program is on track to boost Kamoa Copper's annual production to approximately 450,000 tonnes of copper in concentrate by the second quarter of 2023.

Ivanhoe’s management continues to anticipate that the early commissioning of the Phase 2 concentrator plant in March 2022, approximately four months ahead of schedule, will enable Kamoa Copper to deliver in the upper range of its increased 2022 production guidance of 310,000 to 340,000 tonnes of copper in concentrate.

The company indicated that the Kamoa-Kakula Mining Complex is one of the highest-grade and fastest growing major copper mining operations in the world, adding that through on-going phased expansions, it is positioned to become one of the world's largest copper producing operations.

The Kamoa-Kakula Mining Complex is operated by Kamoa Copper, a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the DRC government (20%).

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