Ivanhoe Mines (TSX: IVN; US-OTC: IVAPF) introduced right now that its Kamoa-Kakula three way partnership within the Democratic Republic of the Congo has exceeded the higher finish of its annual copper manufacturing steerage, with greater than 100,000 tonnes of copper focus produced year-to-date as of December 22.
The manufacturing determine is reported on a 100%-project foundation. Ivanhoe has a 39.6% curiosity within the Kamoa JV and is the undertaking operator. Zijin Mining Group (39.6%), Crystal River World (0.8%) and the DRC authorities (20%) are its different stakeholders.
Kamoa-Kakula first started producing copper concentrates from the Section 1, 3.8 million tonne every year capability concentrator plant in Could 2021. It subsequently reached business manufacturing on July 1, and is anticipated to supply 200,000 tonnes of copper per yr.
Development of the Phase 2 concentrator, which might be a “carbon copy” of the Section 1 plant and double annual manufacturing, is underway and is about 70% full, based on Ivanhoe’s newest replace.
Ivanhoe’s manufacturing steerage for 2021 was set at 92,500-100,000 tonnes, which was initially projected to be 80,000-95,000 tonnes. The annual manufacturing steerage was additionally beforehand elevated in November, reflecting the profitable completion of ramp-up of the Section 1 concentrator.
“Kamoa Copper’s efficiency marks a superb finish to what has actually been a banner yr for Ivanhoe Mines,” Robert Friedland, Ivanhoe’s founder and government co-chairman, commented in a information launch.
Additionally Learn: Ivanhoe’s Kamoa-Kakula yields profit in first full production quarter
“We want to prolong heartfelt congratulations to the workforce at Kamoa-Kakula, who persistently exceeded expectations throughout the building and improvement of the world’s latest world-scale copper mine, and have continued that outperformance as we’ve moved by way of ramp-up and into full manufacturing,” he stated.
Friedland stated the Section 2 growth stays “considerably forward of schedule,” and the corporate is effectively on its strategy to doubling annual copper manufacturing to roughly 400,000 tonnes beginning early within the second quarter of 2022.
To date in December, Ivanhoe has seen feed grades in extra of 6% copper, and recoveries have additionally been exceeding its design restoration of 86%, which, based on Friedland, bodes effectively for the corporate’s capability to effectively ramp-up future expansions at Kamoa-Kakula.
The Ivanhoe administration workforce now envisions the Section 3 concentrator to enter manufacturing by the tip of 2024.
By deliberate phased expansions, the Kamoa-Kakula underground operation is positioned to develop into one of many largest copper producers on the planet, with peak annual copper manufacturing of greater than 800,000 tonnes.