Ivanhoe Mines announces quarterly profit of $67 million and record quarterly normalized profit of $115 million, driven by income from the Kamoa-Kakula joint venture of $90 million

Ivanhoe Mines reports record Adjusted EBITDA of $203 million for Q2 2024, compared with $126 million for Q1 2024

Kamoa-Kakula Copper Complex sold 95,900 tonnes of payable copper in Q2 2024 and recognized record quarterly revenue of $817 million and record EBITDA of $547 million

Kamoa-Kakula’s quarterly cost of sales total $1.53 per lb. of payable copper; C1 cash costs of $1.52 per lb. at the lower end of guidance

Kamoa-Kakula’s Phase 3 concentrator expansion completed ahead of schedule, boosting annualized production to approx. 600,000 tonnes copper

Smelter project over 85% advanced and on schedule for construction completion by the end of 2024

On July 28, Kamoa-Kakula produced a daily record of 1,614 tonnes of copper, following 16,703 tonnes of ore milled at the Phase 3 concentrator, exceeding nameplate by 19%

Kipushi concentrator completed ahead of schedule, with ramp-up to steady-state operations underway during Q3

ohannesburg, South Africa–(Newsfile Corp. – July 31, 2024) – Ivanhoe Mines’ (TSX: IVN) (OTCQX: IVPAF) President Marna Cloete and Chief Financial Officer David van Heerden are pleased to present the company’s financial results for the three and six months ended June 30, 2024. Ivanhoe Mines is a leading Canadian mining company developing and operating its four principal mining and exploration projects in Southern Africa: expanding production at the world-class Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC); ramping-up the ultra-high-grade Kipushi zinc-copper-lead-germanium mine in the DRC; building the tier-one Platreef palladium, rhodium, nickel, platinum, copper and gold development in South Africa; as well as exploring and advancing the expansive exploration licenses of Ivanhoe’s Western Forelands project, which currently hosts the Makoko, Kitoko, and Kiala copper discoveries near Kamoa-Kakula. All figures are in U.S. dollars unless otherwise stated.

Watch a July 2024 video highlighting Ivanhoe Mines’ financial results, as well as construction and exploration activities: https://vimeo.com/991739402/081b7ace0b?share=copy

FINANCIAL HIGHLIGHTS

Ivanhoe Mines recorded a profit of $67 million for Q2 2024 compared with a profit of $87 million for Q2 2023. Ivanhoe Mines’ normalized profit for Q2 2024 was $115 million, compared with a normalized profit of $114 million for Q2 2023. Normalized profit for the quarter excludes the non-cash loss on the fair valuation of the embedded derivative component of the $575 million convertible bond and the non-cash finance costs due to the early redemption of the convertible notes. All convertible notes still outstanding at end of June were redeemed after quarter end.
Kamoa-Kakula sold 95,900 tonnes of payable copper during Q2 2024, recognizing record revenue of $817 million, record operating profit of $463 million, and record quarterly EBITDA of $547 million.
Kamoa-Kakula’s cost of sales per pound (lb.) of payable copper sold was $1.53/lb. for Q2 2024 compared with $1.50/lb. and $1.24/lb. in Q1 2024 and Q2 2023, respectively. Cash cost (C1) per pound of payable copper produced in Q2 2024 totaled $1.52/lb., which is at the lower end of the guidance range of $1.50 to $1.70/lb., compared with $1.57/lb. and $1.41/lb. achieved in Q1 2024 and Q2 2023, respectively.

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https://www.ivanhoemines.com/news-stories/news-release/ivanhoe-mines-issues-second-quarter-2024-financial-results-and-review-of-construction-and-exploration-activities/