Ivanhoe Mines has declared a quarterly profit of $67 million and a record quarterly normalised profit of $115 million for the second quarter that ended June 30, buoyed by income of $90 million from its 39.6%-owned Kamoa-Kakula joint venture in the Democratic Republic of Congo (DRC).
The company also posted a record adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $203 million for the second quarter, a significant increase from $126 million in the first quarter.
It said that the Kamoa-Kakula Copper Complex sold 95,900 tonnes (t) of payable copper in the second quarter, resulting in a record quarterly revenue of $817 million.
Ivanhoe said the phase 3 concentrator expansion at Kamoa-Kakula was finished ahead of schedule, resulting in an increase in annualised copper production to around 600,000 t.
The smelter project is reported to be over 85% complete and on pace for completion by the end of the year.
Kamoa-Kakula also attained a daily record of 1,614 t of copper on July 28, surpassing the nameplate by 19%, following the milling of 16,703 t of ore at the phase 3 concentrator.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
