Ivanhoe unveils latest financial results
Ivanhoe Mines has broken profit record with latest financial results. The firm’s overall profit for last year stood at US$434 million, compared to the US$45 million profit from 2021. Most of this increase can be attributed to IVN’s Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC), where it sold 323,733 tonnes of copper during the year for a record revenue of US$2.5 billion.
Production at the Kamoa-Kakula Copper Complex, in the Kolwezi District of Lualaba in the south of the Democratic Republic of Congo (DRC), has driven much of these profits, with the mine selling 92,208 tonnes of payable copper in 2022.
Kamoa-Kakula
Additionally, the company’s de-bottlenecking program of Kamoa-Kakula’s phase one and two concentrators has been completed ahead of schedule and increased its production capacity to 450,000 tonnes of copper annually. The following phase three program is now on schedule to expand the site even more by 2024.
The Kamoa-Kakula complex is a joint venture between Invanhoe mines, which owns a39.6% stake in the project; the Zijin Mining Group, which owns a 39.6% stake; the DRC government (which owns a 20% stake); and Crystal River Global, which owns a 0.8% stake. Kamoa-Kakula saw a record revenue of $2.15bn in 2022. Income from the joint venture made up $405m of Invanhoe mines’ 2022 profit. Ivanhoe projects the expansion will make Kamoa-Kakula be the fourth-largest copper producer globally from 2025. The firm is further optimistic about the future of the mine considering its sustainable power source.
