Ivanhoe Mines achieves operating profits of around USD 253 million in DRC and SA

The Canadian mining firm Ivanhoe Mines recorded, in the second quarter of 2022, a record profit of around 351.5 million US dollars from the mining projects carried out in the Democratic Republic of Congo (DRC) and in the Republic of South Africa.

According to the related report, 253.1 million USD were made in the Democratic Republic of Congo (DRC) as profits.

For Kamoa-Kakula alone, a mining complex operated in the DRC by the Kamoa Copper company, Ivanhoe Mines announced the sale to a volume of 85,794 tons of copper bringing in revenues of 494.1 million USD, with an operating profit of 253 .1 million US dollars and an EBITDA (Earnings before interest, taxes, depreciation and amortization) of 286.3 million USD.

During the period under review, the report says, Kamoa Copper mined 1.66 million tonnes of ore grading 5.57% copper, of which 0.78 million tonnes grading 6.74% copper came from the high-grade center. at the Kakula mine.

Note that in the first half of 2022, Kamoa Copper crushed approximately three million tonnes of ore at an average copper content of 5.59%. It produced 142,916 tonnes of copper in concentrate.

And after the end of the second quarter, Kamoa Copper set another new monthly production record, with 32,877 tonnes of copper produced in July alone, equivalent to an annualized production rate of 387,100 tonnes.

It should also be noted that Kamoa Copper’s debottlenecking program is progressing as planned. The said program will increase the combined design processing capacity of the Stage 1 and Stage 2 concentrators to approximately 9.2 million tonnes of ore per annum.

As for the copper production from the first two phases of Kamoa-Kakula, it is expected to reach approximately 450,000 tons per year by the second quarter of 2023.