TSX-listed Ivanhoe Mines reported an increase in net profit to $108-million for the third quarter, compared with a profit of $87-million in the second quarter.
Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter ended September 30 was $152-million, compared with $85-million in the third quarter of 2022 but lower than the Ebitda of $172-million reported for the second quarter of this year.
The joint venture Kamoa-Kakula mine, in the Democratic Republic of Congo sold 96 509 t of payable copper during the third quarter, recognising revenue of $695-million.
Kamoa-Kakula’s cost of sales was $1.34/lb for the third quarter, compared with $1.24/lb in the second quarter and $1.05/lb in the third quarter of 2022.
Cash costs totalled $1.46/lb for the third quarter, compared with $1.41/lb in the second quarter and $1.43/lb in the third quarter of 2022.
“Kamoa-Kakula continues its industry-leading development and operating performance with copper production and costs remaining solidly within our annual guidance ranges … an increasing rarity in our business, where many of our peers are being plagued by cost overruns and production shortfalls.
“With the Phase 3 concentrator expansion now well ahead of schedule, our teams are striving to further expedite copper production ramp-up into the second half of 2024, en route to becoming the world’s third-largest, lowest carbon emitting copper complex by 2027,” says Ivanhoe founder and co-chairperson Robert Friedland.