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    IVN   CA46579R1047

IVANHOE MINES LTD.

(IVN)
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Ivanhoe's Congo copper JV inks 10-year processing deal with nearby smelter

06/02/2021 | 01:09pm EDT

June 2 (Reuters) - Ivanhoe Mines said on Wednesday its copper mining joint venture in the Democratic Republic of Congo, which started production last week, had signed a 10-year deal to process some of its copper concentrate at a nearby smelter.

Congolese authorities last week reiterated a long-standing ban on copper concentrate exports, and said only mining companies with waivers would be allowed to export concentrate.

The ban has been in place since 2013 to encourage domestic processing.

The Lualaba smelter, majority-owned by China Nonferrous Mining Corp Ltd (CNMC), will treat up to 150,000 wet metric tonnes of concentrate a year from the Kamoa-Kakula mine Ivanhoe is developing with Zijin Mining in return for a treatment charge and market-based realization fee.

The 400,000 tonnes per year capacity smelter, which is around 40 kilometres (25 miles) from the mine by road, will produce blister copper ingots containing around 99% copper. The Ivanhoe-Zijin joint venture, Kamoa Copper, will then collect these from a storage area, Ivanhoe said in a statement.

The processing deal "will account for just under 40% of the total volumes of concentrates produced by Phase 1, making the most of available in-country smelter capacity," said Kamoa Copper Chief Financial Officer Rochelle de Villiers, who is leading concentrate offtake and marketing negotiations.

The first delivery was made on Tuesday, she added.

Ivanhoe expects Kamoa-Kakula to be the world's highest-grade major copper mine. Production started ahead of schedule on May 26, and Ivanhoe expects output of 80,000 to 95,000 tonnes of copper in concentrate this year and peak annual output of over 800,000 tonnes after several phases of expansion.

In a separate statement, CNMC said the tolling agreement would allow both sides to realise synergies upstream and downstream, without elaborating.

Kamoa Copper is also evaluating the construction of a smelting complex which would produce blister and anode copper as well as sulphuric acid as a by-product. (Reporting by Tom Daly and Helen Reid. Editing by Mark Potter)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA NONFERROUS MINING CORPORATION LIMITED 3.21% 4.5 End-of-day quote.104.55%
GOLD -0.06% 1812.77 Delayed Quote.-4.41%
IVANHOE MINES LTD. -2.32% 9.26 Delayed Quote.34.99%
S&P GSCI GOLD INDEX -0.33% 1057.4059 Delayed Quote.-4.11%
SILVER -0.47% 25.3858 Delayed Quote.-3.36%
ZIJIN MINING GROUP COMPANY LIMITED 6.17% 11.7 End-of-day quote.33.26%
All news about IVANHOE MINES LTD.
07/19IVANHOE MINES : Reports Start of Copper Concentrate Export; Falls 1.8%
MT
07/19Kamoa-Kakula Begins Exporting Copper Concentrate Internationally as Productio..
NE
07/06Ivanhoe Mines Announces Operations of Kamoa-Kakula's Phase 1, 3.8 Million-Ton..
CI
07/06Kamoa-Kakula Phase 1 Concentrator Plant Fully Operational; Hot Commissioning ..
NE
06/30Kamoa-Kakula Monthly Progress Update Expected on July 6
NE
06/29Ivanhoe Mines Announces Results of Voting for the Election of Directors
NE
06/23TSX falls 0.18% toá20,164.39
RE
06/09China's Zijin and Citic Metal to buy copper from DRC mine
RE
06/09IVANHOE MINES : Kamoa-Kakula's off-take agreements signed for Phase 1 blister co..
PU
06/09Kamoa-Kakula's Off-Take Agreements Signed for Phase 1 Blister Copper and Copp..
NE
More news
Financials (USD)
Sales 2021 104 M - -
Net income 2021 154 M - -
Net cash 2021 68,0 M - -
P/E ratio 2021 62,9x
Yield 2021 -
Capitalization 8 968 M 8 959 M -
EV / Sales 2021 85,9x
Capi. / Sales 2022 -
Nbr of Employees 710
Free-Float 46,4%
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Number of Analysts 9
Last Close Price 7,42 $
Average target price 9,20 $
Spread / Average Target 24,0%
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Managers and Directors
Martie Cloete President & Chief Financial Officer
Robert Martin Friedland Executive Co-Chairman
Yu Feng Sun Non-Executive Co-Chairman
Pierre Joubert Executive Vice President-Technical Services
Mary A. Vincelli Secretary & Vice President-Compliance
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