Ivanhoe Mines' profit jumped to a record $434 million in 2022. miningnews
View of the Kamoa-Kakula Mining Complex, with the Kakula North ore stockpiles in front and the Phase 1 and Phase 2 concentrators in the rear. Credit: Ivanhoe Mines
During the year, its Kamoa-Kakula copper complex in the Democratic Republic of Congo produced 333,497 tonnes of copper concentrates – within its guidance range of 325,000 and 340,000 tonnes – at cash costs of $1.39/lb. Production in the fourth quarter totalled 92,761 tonnes, partly owing to the early commissioning of the Phase 2 expansion that would double the operation’s nameplate production capacity.
Since entering Phase 1 commercial production on July 1, 2021, Kamoa-Kakula has generated $1.22 billion of net cash from operating activities, which has funded both the Phase 2 and Phase 3 expansion activities to date.
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