Ivanhoe Mines (TSX: IVN) has released its production results for 2024 across its assets in the Democratic Republic of the Congo, along with guidance for 2025.
The company saw record quarterly production at Kamoa-Kakula, with the mine producing 133,819 tonnes of copper in concentrate, a 15% improvement over the performance in the third quarter. For the full year, production totaled 437,061 tonnes of copper in concentrate, which was also a record for the mine. The increase was attributed to the ramp up of the phase 3 concentrator at the mine, which occurred in the second half of 2024.
Over the course of 2024, a total of 11.36 million tonnes of ore was processed at Kamoa-Kakula, with grades averaging 4.46% and recoveries sitting at 86.5%.
Guidance for the mine for 2025 meanwhile calls for production of between 520,000 and 580,000 tonnes of copper, with production targets for 2026 currently sitting at 600,000 tonnes. Capital expenditure guidance calls for $1.42 to $1.67 billion to be spent in 2025 at the Complex, with the majority of spend allocated to phase 3 expansion capital.
The company also indicated that a fire occurred at an on-site power generator bank near to Kakula on January 2. The fire impacted 36 MW of onsite diesel-generated back-up power, of which 34 MW is believed to be repairable. The back-up power is expected to take between three and six months to be repaired, with the company expecting to make an insurance claim on the equipment.
160 MW of back-up power remains available on site. The mine is said to require 240 MW to operate sufficiently, and is currently drawing 90 MW of power from domestic and imported sources. Smelter operations on site as a result may be delayed by up to three months as a result of the fire.
Ivanhoe maintains a 39.6% interest in the Complex.
Elsewhere, Ivanhoe’s Kipushi Mine, in which it holds a 62% ownership interest, saw production of 50,307 tonnes of zinc in 2024, of which 32,323 tonnes were produced in the fourth quarter.
The mine is currently forecasted to produce 180,000 to 240,000 tonnes of zinc in 2025. Production is anticipated to ramp further in 2026, with production of 250,000 tonnes of zinc currently targeted. Capital expenditure guidance meanwhile sits at $65 million for 2025.
Cash cost guidance for both Kamoa-Kakula and Kipushi are expected to be released at the same time as the firms 2024 financial results. Results are slated to be released on February 19 after market close.
Ivanhoe Mines last traded at $16.66 on the TSX.
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