Steerage vary for money prices per pound of payable copper in 2022 has been set at between $1.20 and $1.40 per pound, under the $1.37 per pound Ivanhoe achieved within the ultimate quarter of 2021.
Ivanhoe stated it’s now centered on finishing the mine’s Part 2’s concentrator plant enlargement, which is predicted to begin manufacturing within the second quarter of 2022, about three months forward of schedule.
The corporate stated the undertaking will double the mine’s nameplate milling throughput to 7.6 million tonnes each year (Mtpa). Phases 1 and a pair of mixed are forecast to supply roughly 400,000 tonnes of copper per 12 months.
The Part 3 enlargement can be advancing, Ivanhoe stated, with work ongoing on new field reduce to open up the Kamoa mine. An up to date pre-feasibility examine (PFS), together with the Part 3 enlargement, is predicted within the third quarter of the 12 months.
“Our excellent group of geologists is assured that the Kamoa and Kakula mines are simply the preliminary discoveries of a serious new mining district, which extends the storied African Copperbelt in a southwesterly route all the way in which to the Zambian border,” Ivanhoe co-chairperson Robert Friedland stated in the statement.
“We might be conducting an intensive drilling marketing campaign on our majority-owned Western Foreland exploration licences this 12 months to unlock the potential of this highly-prospective floor,” Friedland famous.
Second-largest copper mine
Ivanhoe inked a deal in June with China’s Zijin Mining’s DRC subsidiary and dealer Citic Steel to promote every 50% of the copper manufacturing from the mine.
Mining billionaire Friedland has stated the undertaking will develop into the world’s second-largest copper mine and the one with the best grades amongst main operations.
He additionally believes the DRC has the potential to develop into the world’s high copper producer, overtaking Chile.
The firm has additionally vowed to supply the trade’s “greenest” copper, as it really works to develop into the first net-zero operational carbon emitter among the many world’s top-tier copper producers. Friedland has not but set a goal date for reaching that objective.
Ivanhoe is also advancing improvement of the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa, scheduled to start manufacturing in 2024. A feasibility examine for the undertaking must be accomplished in early 2022, the miner stated.
Within the DRC, the corporate is upgrading the historic Kipushi zinc-copper-lead-germanium mine, for a resumption of manufacturing.
Ivanhoe shares have doubled in worth over the previous 12 months and have been buying and selling extra nearly 4% greater on Monday in Toronto at C$11.09 a bit. The corporate has a market capitalization of C$13.17 billion ($10.4 billion).