Ivanhoe Mines (TSX: IVN) has reportedly exceeded the upper end of its 2021 guidance at the firms Kamoa-Kakula operation in the DRC, with further time left to spare in the year. The company had originally guided to 80,000 to 95,000 tonnes of of copper production for the mine, before that figure was raised to an upper end of 100,000 tonnes late in the year.
The company has now reportedly exceeded the upper end limit of 100,000 tonnes of copper in concentrate that was guided to be produced this fiscal year, before refining losses or deductions related to smelter terms. The firm at this time is not revising guidance however, with little time remaining in the fiscal year.
A final update on production numbers is to be provided next month, along with project copper production for 2022, as well as cash costs and the start of Phase 2 operations at the project. That expansion is said to be significantly ahead of schedule, with annual copper production estimated to hit 400,000 tonnes by early in the second quarter of 2022.
Due to the significantly advanced schedule, Phase 3 expansions are now expected to begin production by 2024 as well.
Ivanhoe Mines last traded at $9.74 on the TSX.
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