Ivanhoe Mines (TSX: IVN) this morning published its production results for the third quarter of 2024, in advance of its full financial results which are slated to be released before market open on October 30.
Ivanhoe saw production of 116,313 tonnes of copper in concentrate at Kamoa-Kakula, in addition to 17,817 tonnes of zinc in concentrate at the Kipushi zinc mine. The company reported milled a record 3.3 million tonnes in the third quarter at Kamoa-Kakula, while the phase 3 concentrator continuing to ramp up. The concentrator is said to be achieving recoveries in excess of 90%,
Despite the progress, Ivanhoe has cut its guidance at Kamoa-Kakula, with the prior guidance of 440,000 – 490,000 tonnes of contained copper in concentrate being reduced to 425,000 to 450,000 tonnes for 2024. The reduction is being attributed to intermittent grid power, as well as the commissioning of the phase 3 concentrator.
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Guidance has also been cut at the Kipushi zinc mine, with prior guidance of 100,000 – 140,000 being slashed in half to 50,000 – 70,000. The cuts here are being blamed on bottlenecks at the Kipushi concentrator, with procurement said to be underway for long-lead equipment that will result in a 20% increase in processing capacity.
Ivanhoe Mines last traded at $20.52 on the TSX.
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