Mining News
Ivanhoe Mines reports record profit of $434 million for 2022
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(Kitco News) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) today reported a record profit of $434 million for 2022, compared with a profit of $45 million for 2021.
The company explained that the main contributor to the profit for 2022 was the company's share of the profit from the Kamoa Holding joint venture.
Ivanhoe added it recognized income in aggregate of $405 million from the joint venture in 2022 (2021 – income of $200 million).
The company said that Kamoa-Kakula sold 323,733 tonnes of copper in 2022, and recognized record revenue of $2.15 billion, record operating profit of $1.27 billion and record EBITDA of $1.39 billion.
Ivanhoe also reported that Kamoa-Kakula produced 333,497 tonnes of copper in 2022, an increase of 215% compared with 2021. Cash costs (C1) per pound of payable copper amounted to $1.39 for the year ended December 31, 2022.
In 2023, Kamoa-Kakula is expected to produce between 390,000 and 430,000 tonnes of copper in concentrate at cash costs (C1) of $1.40 to $1.50 per pound.
“Cash cost (C1) guidance factors in an increase in the grid power tariff supplied by DRC state-owned utility, Société Nationale d'Electricité, which was increased from approximately $0.06 per kilowatt-hour (kWh) to $0.10 per kWh in December 2022,” the company said.
Ivanhoe indicated that Kakula is projected to be the world's highest-grade major copper mine, adding that based on independent benchmarking, the project's phased expansion scenario to 19 Mtpa would position Kamoa-Kakula as the world's second-largest copper mining complex, with peak annual copper production of more than 800,000 tonnes.
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 (0.8%) and the DRC government (20%).
Ivanhoe Mines is a Canadian mining company focused on the expansion of the Kamoa-Kakula mining complex in the DRC; the construction of the tier-one Platreef palladium-rhodium-platinum-nickel-copper-gold project in South Africa; and the restart of the historic ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC.
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