Construction of Africa’s largest and greenest smelter project at Kamoa-Kakula is now complete. Credit: Ivanhoe Mines
Ivanhoe Mines’ (TSX: IVN) update on 2024 shows solid performance booking a $193 million profit, but an analyst says it’s marred by operational setbacks and an overly ambitious growth plan.
The company’s flagship Kamoa-Kakula copper complex in the Democratic Republic of Congo set record output of 437,061 tonnes of copper in concentrate and $3.11 billion in revenue. Adjusted earnings before interest, tax, depreciation and amortization rose to $625 million from $604 million in 2023, the company said on Thursday.
The performance contrasts with Canaccord Genuity mining analyst Dalton Baretto recalling how a Jan. 2 fire knocked out backup power and delayed Ivanhoe’s forecast for this year. Baretto also critiqued the company’s $1.2 billion plan to expand the Platreef project in South…
