Ivanhoe’s Kamoa-Kakula copper production hits record
Reported by Ivanhoe Mines the Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC) produced a record 103,947 tonnes of copper in concentrate in Q3 2023.
According to Ivanhoe, over the first nine months of 2023, Kamoa-Kakula has produced a total of 301,336 tonnes of copper in concentrate, placing it well on track to deliver annual production guidance of between 390,000 – 430,000 tonnes of copper.
The company said that Kamoa-Kakula’s cash costs (C1) per pound of payable copper produced during the quarter totaled $1.46/lb, compared to $1.41/lb and $1.43/lb in Q2 2023 and Q3 2022, respectively, adding that Kamoa-Kakula’s full-year cash cost (C1) guidance is unchanged at $1.40 – $1.50 per pound.
Ivanhoe said that its adjusted EBITDA was $152 million for Q3 2023, compared with $85 million for the same period in 2022, and $172 million for Q2 2023, which includes an attributable share of EBITDA from Kamoa-Kakula.
The company noted it recorded a profit of $108 million for Q3 2023 (Q3 2022: $24 million), driven by income from the Kamoa-Kakula joint venture of $121 million (Q3 2022: $75 million).
Ivanhoe also reported that Kamoa-Kakula’s Phase 3 expansion, consisting of two new underground mines known as Kamoa 1 and Kamoa 2 and a new, 5-million-tonne-per-annum concentrator plant, is ahead of schedule and on track for first production in the third quarter of 2024.
The company noted that upon commencement of Phase 3 production, the Kamoa-Kakula copper complex will have a processing capacity of 14.2 million tonnes per annum. As a result, the copper production capacity will increase to approximately 650,000 tonnes per annum.
“This production rate will position the Kamoa-Kakula copper complex as the third-largest copper mining operation in the world,” Ivanhoe said.
The company also noted that 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%).
