Ivanhoe Mines has stated that the company recorded a profit of $48.2 million for Q4 2021, compared to a loss of $10.9 million for the same period in 2020. Ivanhoe said its share of profit from the Kamoa-Kakula copper joint venture (Kamoa Holding) and finance income of $103.9 million were the principal contributors to the profit recorded in the fourth quarter.
According to the company’s statement, the Kamoa-Kakula Mining Complex in DRC produced 54,481 tonnes of copper in concentrate in Q4 2021, compared to 41,545 tonnes produced in Q3 2021.
Importantly, Ivanhoe pointed out that Kamoa-Kakula produced a total of 105,884 tonnes of copper in concentrate in 2021, significantly exceeding the initial 2021 production guidance range of 80,000 to 95,000 tonnes, as well as the increased guidance of 92,500 to 100,000 tonnes for 2021.
Kamoa-Kakula’s Phase 2 concentrator plant is on track to begin operations in April 2022, which will see a doubling of Kamoa-Kakula’s nameplate milling capacity throughput to 7.6 million tonnes of ore per annum.
The company indicated that Kamoa-Kakula positioned to be the world’s fourth largest copper producer by Q2 2023, with projected annual copper output of more than 450,000 tonnes.
The Kamoa-Kakula Mining Complex, a joint venture between Ivanhoe Mines and Zijin Mining, has been independently ranked as the world’s fourth-largest copper deposit by international mining consultant Wood Mackenzie.
Ivanhoe and Zijin Mining each hold an indirect 39.6% interest in the Kamoa-Kakula Mining Complex, Crystal River holds an indirect 0.8% interest and the DRC government holds a direct 20% interest.