Ivanhoe Mines announces Kamoa-Kakula achieved record copper production of 35,856 tonnes in May
June 5, 2023
Ivanhoe Mines announces Kamoa-Kakula achieved record copper
production of 35,856 tonnes in May
■
Monthly copper production equivalent to annual production of
approximately 430,000 tonnes
■
New daily ore milling record achieved at Kamoa-Kakula,
equivalent to an annual rate of approximately 9.8 million tonnes
■
Phase 1 and 2 concentrators continue to operate at above-design
copper recoveries
■
Phase 3 expansion and smelter advancing on schedule for first
production in Q4 2024
KOLWEZI, DEMOCRATIC REPUBLIC OF CONGO – Ivanhoe Mines (TSX: IVN; OTCQX:
IVPAF) Co-Chairs Robert Friedland and Yufeng “Miles” Sun announced today that the
Kamoa-Kakula Copper Complex in the Democratic Republic of Congo achieved a
monthly production record of 35,856 tonnes of copper in concentrate during May.
Copper production during April was 34,826 tonnes of copper in concentrate, bringing
quarter-to-date production to 70,682 tonnes.
A new daily milling record of 29,366 tonnes of ore was also achieved by the Phase 1 and
2 concentrators. This is equivalent to an annual milling rate of 9.8 million tonnes per
annum (after accounting for availability). This record far exceeds the increased milling
capacity of 9.2 million tonnes per annum following the debottlenecking program of the
Phase 1 and 2 concentrators, which was completed in February 2023.
Average copper recoveries for the month were 87%, above the Phase 1 and 2
concentrator nameplate recovery rates.
Construction activities for the Phase 3 expansion, including the largest copper smelter
in Africa, with a capacity of 500,000 tonnes of 99+%-pure copper anodes, are advancing
on schedule for first production in the fourth quarter of 2024.
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Watch a June 2023 video of operations and construction activities at
Kamoa-Kakula: https://vimeo.com/833031454/fb6ea4e192
Concrete foundations for the two ball mills of the Phase 3 concentrator on the
left, with foundations for the flotation cells on the right. The first batch of ball mill
foundation steel is expected at site later this month. The first ball mill, supplied
by CITIC Heavy Industries of Luoyang, China, also is expected to be delivered
later this month.
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Concrete foundations for the Phase 3 concentrator tailings thickener. Over 60%
of concrete has been poured to date and approximately 6,000 tonnes of the
required 7,100 tonnes of structural steel have been fabricated, 50% of which has
been shipped to site.
Steel erection of Kamoa-Kakula's direct-to-blister flash furnace and the electric
slag cleaning furnace. Overall smelter construction is now approximately 50%
complete. Fabrication of the anode furnaces, ball mill and SAG mill, also
manufactured by CITIC Heavy Industries, is complete with shipping expected
imminently.
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Construction of new on-site accommodation. There are approximately 14,000
employees and contractors at site; approximately 97% of Kamoa’s employees are
Congolese.
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal
projects in Southern Africa; the expansion of the Kamoa-Kakula Copper Complex in the
DRC, the construction of the tier-one Platreef palladium-rhodium-platinum-nickel-
copper-gold project in South Africa; and the restart of the historic ultra-high-grade
Kipushi zinc-copper-germanium-silver mine, also in the DRC.
Ivanhoe Mines also is exploring for new copper discoveries across its circa 2,400km2 of
90-100% owned exploration licences in the Western Foreland, located adjacent to, or in
close proximity to, the Kamoa-Kakula Copper Complex in the DRC.
Information contact
Investors
Vancouver: Matthew Keevil +1.604.558.1034
London: Tommy Horton +44 7866 913 207
Media
Tanya Todd +1.604.331.9834
Forward-looking statements
Certain statements in this news release constitute "forward-looking statements" or "forward-
looking information" within the meaning of applicable securities laws. Such statements and
information involve known and unknown risks, uncertainties and other factors that may cause
the actual results, performance or achievements of the company, its projects, or industry
results, to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements or information. Such statements can
be identified using words such as "may", "would", "could", "will", "intend", "expect", "believe",
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"plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology,
or state that certain actions, events, or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved. These statements reflect the company's current expectations
regarding future events, performance and results and speak only as of the date of this news
release.
Such statements include without limitation, the timing and results of: (i) statements regarding
Kamoa-Kakula's monthly copper production record being equivalent to annual production of
approximately 430,000 tonnes; (ii) statements that Kamoa-Kakula's new daily mill throughput
record is equivalent to an annual rate of approximately 9.8 million tonnes; (iii) statements that
Kamoa-Kakula's Phase 3 expansion and smelter, which is the largest copper smelter in Africa
with a capacity of 500,000 tonnes, are advancing on schedule for first production in Q4 2024;
(iv) statements that the first batch of ball mill foundation steel and the first ball mill for Kamoa-
Kakula's Phase 3 are expected to be delivered to site later this month; and (v) statements that
Kamoa-Kakula's Phase 3 anode furnaces, ball mill and SAG mill are expected to be shipped
imminently.
Furthermore, concerning this specific forward-looking information concerning the operation and
development of the Kamoa-Kakula Copper Complex, the company has based its assumptions
and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the
adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the
mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of related
commodities; (vi) the availability of equipment and facilities necessary to complete
development; (vii) the cost of consumables and mining and processing equipment; (viii)
unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or
terrorism; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by joint
venture partners with terms of agreements; (xiii) the availability and productivity of skilled
labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) the
ability to raise sufficient capital to develop such projects; (xvi) changes in project scope or
design; (xvii) recoveries, mining rates and grade; (xviii) political factors; (xix) water inflow into
the mine and its potential effect on mining operations; and (xx) the consistency and availability
of electric power.
Forward-looking statements and information involve significant risks and uncertainties, should
not be read as guarantees of future performance or results and will not necessarily be accurate
indicators of whether such results will be achieved. Many factors could cause actual results to
differ materially from the results discussed in the forward-looking statements or information,
including, but not limited to, the factors discussed above and under the "Risk Factors" section
in the company's MD&A for the three months ended March 31, 2023, and its Annual
Information Form, and elsewhere in this news release, as well as unexpected changes in laws,
rules or regulations, or their enforcement by applicable authorities; the failure of parties to
contracts with the company to perform as agreed; social or labour unrest; changes in
commodity prices; and the failure of exploration programs or studies to deliver anticipated
results or results that would justify and support continued exploration, studies, development or
operations.
Although the forward-looking statements contained in this news release are based upon what
management of the company believes are reasonable assumptions, the company cannot
assure investors that actual results will be consistent with these forward-looking statements.
These forward-looking statements are made as of the date of this news release and are
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expressly qualified in their entirety by this cautionary statement. Subject to applicable
securities laws, the company does not assume any obligation to update or revise the forward-
looking statements contained herein to reflect events or circumstances occurring after the date
of this news release.
The company's actual results could differ materially from those anticipated in these forward-
looking statements as a result of the factors outlined in the "Risk Factors" section and
elsewhere in the company's MD&A for the three months ended March 31, 2023, and its Annual
Information Form.