Ivanhoe Mines' 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, 2023. Such statements include without limitation, the timing and results of: (i) statements that Kamoa Copper has been working alongside DRC's state-owned power company, SNEL, to identify the causes of instability across the southern DRC's grid infrastructure to assist with delivering long-lasting solutions and that Kamoa Copper has identified a series of upgrades and has outlined a project plan to deliver the improvements; (iv) statements that Kamoa Copper's engineering team are working towards insulating Kamoa-Kakula from future instability by expanding on-site backup generation capacity, as well as sourcing additional power imported from the Zambian grid; (v) statements that over the next 12-18 months, on-site backup-power generation capacity at Kamoa-Kakula will increase via a phased roll-out; (vi) statements that the delivery of a further 30 MW in backup generation capacity, sufficient to power Kamoa-Kakula's entire Phase 1 and 2 operations in the event of grid disruptions, will commence later this year and is expected to be operational by second quarter 2024; (vii) statements that over 130 MW of further backup generation capacity has been ordered and is expected to be installed in 2024, in time for the completion of the Phase 3 concentrator and smelter that are currently under construction; (viii) statements that discussions are advancing to secure up to 100 MW of additional power via the Zambian grid interconnector, with the initial phase expected to be ready in the third quarter; (ix) statements that following the commissioning of Phase 3, Kamoa-Kakula has a total design processing capacity of 14.2 Mtpa; (x) statements that the completion of Phase 3 is expected to increase annualized copper production to an average of approximately 620,000 tonnes per year over the next ten years, which will position Kamoa Copper as the world's third-largest copper mining complex in 2027, and the larger copper mine on the African continent; (xi) statements that underground mining activities are expected to commence at Kamoa 1 in late 2023 and Kamoa 2 in 2025, which will both involve the same mechanized drift-and-fill mining methods used at the Kakula Mine; (xii) statements that the smelter at Kamoa-Kakul will incorporate technology supplied by Metso Outotec of Espoo, Finland and will meet the IFC emissions standards; (xiii) statements that the number of workers at the smelter site is expected to peak at 3,000 in December 2023; (xiv) statements that the 99.7% pure blister anode copper produced from Kamoa-Kakul's smelter is expected to be among the lowest carbon-dioxide emitters in the world per tonne of copper produced; (xv) statements that the smelters will have a processing capacity of approximately 1.2 Mtpa of dry concentrate feed and is designed to run on a blend of concentrate produced from the Kakula (Phase 1 and 2) and Kamoa (Phase 3 and future Phase 4) concentrators; (xvi) statements that under the Kamoa-Kakula 2023 Integrated Development Plan, the smelter is projected to accommodate approximately 80% of Kamoa-Kakula its total concentrate production; (xii) statements regarding Kamoa-Kakula continuing to toll-treat concentrates under a 10-year agreement with the LCS, located approximately 50 kilometres from Kamoa-Kakula, near the town of Kolwezi and that deliveries to LCS are expected to account for approximately 150,000 tonnes of copper concentrate annually; (xviii) statements that Kamoa-Kakula' Phase 3 mine and concentrator expansion and 500,000 -tonne-per annum on-site, direct-to-blister copper smelter on-site, which is expected to be Africa's larger direct-to-blister gold smelter, which is expected to be Asia's larger direct-to-to-blister copper concentrate.
Ivanhoe Mines Inc. Provides Update on Integrated Copper Development Development and Development Plan for the 2023
August 03, 2023 at 11:26 am EDT
© S&P Capital IQ - 2023