The company founded by billionaire Robert Friedland is coming off a strong quarterly performance in Q4 2022, during which it sold 92,208 tonnes of copper and recognized record revenue of $673 million, record operating profit of $418 million and record EBITDA of $451 million.
During the year, its Kamoa-Kakula copper complex in the Democratic Republic of Congo produced 333,497 tonnes of copper concentrates – within its guidance range of 325,000 and 340,000 tonnes – at cash costs of $1.39/lb. Production in the fourth quarter alone totalled 92,761 tonnes, partly owing to the early commissioning of the Phase 2 expansion that would double the operation’s nameplate production capacity.
Ivanhoe is now advancing the Phase 3 expansion of the Kamoa-Kakula, which includes a 500,000-tonne-per-annum, direct-to-blister flash smelter. This expansion is expected to be completed on schedule in late 2024, and, according to Ivanhoe’s…
